The 'AA+' issuer credit rating on West Des Moines, Iowa's sewer system reflects: Participation in the strong and diverse Des Moines MSA economy; Large, diversified customer base; Strong financial operations with strong historic debt service coverage; Strong liquidity; and Strong management policies and planning capabilities. Partially offsetting these factors are the system's high rates and the magnitude of the system's capital needs arising from a growing service area, which include plans to assume a considerable amount of additional debt through its participation on the regional reclamation authority. Due in part to its proximity to Des Moines, the city of West Des Moines ('AA+' GO rating) has experienced considerable population and development growth that has been aided by its ability to
