Standard & Poor’s on Tuesday raised its long-term revenue bond rating on Florida’s Seacoast Utility Authority to AA-minus from A-plus.
SUA had $126.9 million of outstanding bonds as of September 2012. The outlook is stable.
“The upgrade reflects our view of consistently strong debt-service coverage, and improved and strong liquidity position, which we expect to continue,” said S&P analyst Joseph Pezzimenti.
Seacoast Utility was created by the city of Palm Beach Gardens, Palm Beach County, the village of North Palm Beach, the town of Lake Park, and the town of Juno Beach.
It furnishes drinking water to 50,000 homes and businesses, and provides sewer service to 45,491 accounts.
“We expect the authority’s liquidity position to remain strong, though it plans to use some of its cash to fund capital needs,” Pezzimenti said. “We consider the authority’s capital plans manageable.”
