Standard&Poor's Ratings Services has assigned its 'AA' rating to Puyallup, Wash.'s combined utility revenue bonds, series 2011. At the same time, Standard&Poor's affirmed its 'AA' underlying rating on Puyallup's combined utility revenue bonds outstanding. The outlook is stable. The net revenues of the waterworks utility--which include the city's water, sewer, storm and surface water, and solid waste services--secure the bonds. The utility is issuing the bonds to fund solid waste environmental remediation projects. The ratings reflect our view of the combined utility's: Primarily residential economic base within the Seattle-Tacoma region; Track record of maintaining strong cash reserves, reinforced by a minimum operating reserve policy; and Strong historical debt service coverage (DSC), with a five-year low of
