The Rating Outlook is Stable.
The bonds are secured by a senior lien pledge of the net revenues of the
water and sewer system (the system).
KEY RATING DRIVERS
STRONG FINANCIAL PERFORMANCE: The system's financial profile has
strengthened in recent years. Operating margins approximate 30% and debt
service coverage (DSC) has averaged 3.5x over the past four years. Both
free cash flow (FCF) and days of operating cash on hand are ample. Read More