Howell, Mich., Upgraded to A-Plus by S&P

Standard & Poor's Ratings Services said it raised its long-term rating on Howell, Mich.'s existing sewage-backed debt to A-plus from A.

The outlook is stable.

"The upgrade is based on continued strong financial performance, and our expectation that it should be sustainable given the stable (albeit moderately concentrated) customer base and no additional debt plans," said Standard & Poor's credit analyst Scott Garrigan.

The rating also reflects participation in a much wider economic base that serves as the population center for the state, which the agency views as a credit strength, and rates considered affordable.

The system's moderately concentrated customer base somewhat offset these factors.

Net revenues of the sewer system secure the bonds.

Howell has a population of about 9,500 and is in Livingston County.

"The stable outlook reflects our view that the sewer system will likely maintain strong debt service coverage and cash reserves during the two-year outlook period," said Garrigan. Supporting the system's stability is the primarily residential customer base, adequate sewer system capacity, and limited capital needs.

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