Standard & Poor’s has assigned an AA-plus rating to Suffolk County Water Authority Series 2012 revenue refunding bonds expected in early January.
Simultaneously, it affirmed its SP-1-plus short-term rating on the Long Island agency’s Series 2011A and B bond anticipation notes.
S&P affirmed its AA-plus long-term rating on the authority’s senior- and subordinate-lien water system revenue bonds.
It also affirmed its AA-plus/A-1-plus rating on $70 million of Series 2008 variable-rate bond anticipation notes. The outlook is stable.
“We base the AA-plus rating on what we view as SCWA’s broad and diverse service-area economy, sound system operations, and historically strong debt-service coverage,” said S&P credit analyst Joseph Pezzimenti.
Bond proceeds will refund senior-lien outstanding bonds. The authority provides water service to about 85% of Suffolk County.
