Standard & Poor’s Monday elevated the underlying rating of Anaheim’s water system revenue bonds to a gilt-edged AAA from AA-plus.

“The raised rating is based on the city’s consistently strong finances and a diverse water supply,” analyst Lisa Schroeer said in a statement. “In addition, the city serves a stable customer base.”

The gilt-edged rating also applies to a new, $48.5 million issue that will be sold competitively Wednesday by the Anaheim Public Financing Authority.

The bonds are secured by the water system’s net revenues.

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