PHOENIX — Standard & Poor's affirmed its A-plus long-term rating and underlying rating on Washougal, Wash. water and sewer revenue bonds ahead of a planned $10.8 million deal.
Washougal issued $16 million of the water and sewer revenue bonds in 2011 and another $5 million in 2014. The city lies on the banks of the Columbia River, just across the water from Oregon's largest city.
"The rating reflects our view of the city's access to the Portland, Ore., area economy for employment opportunities, coupled with strong income levels; historically strong liquidity and coverage levels; and adequate water supply and sewer treatment capacity to accommodate growth," said S&P credit analyst Aaron Lee.
Partly offsetting these credit strengths is the uncertainty surrounding the system's financial performance with this additional debt burden and unknown rate changes beyond 2018 for the water and sewer system and 2015 for the stormwater system, S&P said.
