Posted at 1:39 p.m., Monday, July 16, 2007
Wastewater bonds receive Aa3 rating from Moody's
Advertiser Staff
Moody's Investors Service has assigned an Aa3 rating and stable outlook to $237.6 million of revenue bonds sold by the City and County of Honolulu Wastewater System.The ratings agency also affirmed its Aa3 rating on the system's about $552 million of outstanding senior lien bonds and the A1 rating on the system's about $457 million of outstanding junior lien bonds.
"The ratings are based primarily on satisfactory coverage of debt service provided by existing revenues, the city's recent approval of substantial multi-year rate increases to support system obligations, continuing progress on the system's sizable capital improvement plan which will require additional borrowing in coming years, and the favorable economic base served by the wastewater enterprise," Moody's said in a press release.
