Martinez, Calif., Water COPs Upgraded to AA-Plus by S&P

Standard & Poor's Ratings Services raised its rating to AA-plus from AA on Martinez, Calif.'s certificates of participation, issued for the city's water system.

The outlook is stable.

"We are raising the rating based on the system's strong financial performance during the past three fiscal years, which has significantly exceeded the city's prior projections," said Standard & Poor's credit analyst Tim Tung.

The COP rating reflects the system's: service area that participates in the deep and diverse San Francisco Bay Area economy; stable, primarily residential, and diverse customer base; ample supply of raw water provided by Contra Costa Water District through a continuous contract; strong debt service coverage that is supported by a strong liquidity position; and manageable capital plan that does not currently contemplate additional debt.

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