Standard&Poor's Ratings Services assigned its 'AA' rating, and stable outlook, to Plano, Texas' series 2006 municipal drainage utility system revenue refunding and improvement bonds. The rating reflects the strength of the city's water and sewer system ('AA' Standard&Poor's underlying rating (SPUR)). The water and sewer system's credit strengths include its: Service area, which has experienced rapid historical growth and economic diversity; Above-average wealth and income indicators; Stable operations with sufficient growth capacity; and Solid financial position. A first lien on gross revenues of the municipal drainage utility system secures the revenue bonds. In addition, the rating reflects the drainage utility's: Stable revenue stream, provided by low drainage rates and monthly charges that do not vary significantly
