NEW YORK - Moody's Investors Service said it assigned an A2 rating to Anniston Water Works and Sewer Board, Ala.'s $5.4 million water and sewer revenue mortgage bonds, Series 2007, and upgraded $19.3 million in outstanding parity debt to A2 from A3.
The current issue and parity debt are secured by a first lien pledge of the water and sewer system's net revenues as well as a mortgage on the system.
The current issue will finance the final phase of upgrades to the Choccolocco sewer treatment plant.
The upgrade to the A2 rating reflects the system's high level of liquidity and overall reserves, an ample supply of water for a stable customer base, a manageable debt position and satisfactory legal protections for bond holders.
