Standard & Poor's Ratings Services said it has raised its underlying rating on Fort Oglethorpe, Ga.'s water and sewer revenue bonds to A-plus from A-minus.
It also assigned an A-plus long-term rating to the city's series 2014 water and sewer revenue refunding and improvement bonds. The outlook on all ratings is stable.
"The upgrade reflects our view of the system's ability to consistently yield good debt service coverage margins as a result of management's continued commitment to adjust rates," said Standard & Poor's credit analyst Paula Costa. "Furthermore, management's demonstrated willingness to continually adjust rates enables system operations to support debt absent any reliance upon special purpose local option sales tax receipts or transfers from the city's general fund."
