Cape Fear Public Utility Authority, N.C., Upgraded to AA-Plus by S&P

Standard & Poor's Ratings Services said it raised its long-term rating on the Cape Fear Public Utility Authority, N.C.'s water and sewer revenue bonds to AA-plus from AA.

In addition, it raised its long-term rating on the authority's water and sewer revenue bonds, which are on parity with its debt, to AA-plus from AA.

It also assigned a AA-plus long-term rating to the authority's series 2014A and B (taxable) water and sewer system revenue and refunding revenue bonds. The outlook on all ratings is stable. 

"The higher rating reflects our view of the authority's consistently strong financial profile, supported by management's willingness to adjust rates," said Standard & Poor's credit analyst Paula Costa, "coupled with conservative and proactive practices."

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