Standard&Poor's Ratings Services assigned its 'AA' rating and stable outlook to Temple, Texas' series 2014 utility system taxable revenue bonds and affirmed its 'AA' rating, with a stable outlook, on the city's water and sewer revenue debt. The rating reflects our opinion of the water and sewer system's: Relatively stable and diverse service area economy, Consistently strong financial performance and resultant strong total debt service coverage (DSC), Strong system liquidity, and Competitive utility rates. We believe what we consider the service area's adequate, but below-average, wealth and income somewhat mitigate these strengths. We understand Temple closed its senior-lien revenue pledge with the issuance of its series 2006 junior-lien bonds. As of Aug. 1, 2013, however, prior senior-lien obligations
