S&P Raises Water Levels

Although Florida is experiencing plenty of fallout from the economic downturn, six issuers of water, sewer, and stormwater debt received upgrades in the last two weeks from Standard & Poor’s.

A common thread among the issuers, various analysts said, was strong debt service coverage. Most were also cited for strong liquidity levels.

On Tuesday, Standard & Poor’s raised its underlying rating to A-plus from A on Port Orange’s water and sewer revenue bonds. The agency also raised its underlying rating on Palm Bay’s water and sewer improvement bonds to A from A-minus.

Last week, it upgraded Oviedo’s water and sewer revenue bonds to AA from A-plus, raised Polk County’s utility system revenue bonds two notches to A-plus from A-minus, lifted Hernando County’s water and sewer revenue bonds to A-plus from A, and raised Clearwater’s stormwater revenue bonds to AA from A.

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