NEW YORK - Standard & Poor's Ratings Services said it has raised its ratings on 11 California solid waste systems. The outlook on the revised ratings is stable.
Standard & Poor's has raised its ratings on:
--Burbank's series 2002A taxable waste disposal refunding revenue bonds to AA-plus from AA-minus. The upgrade reflects Standard & Poor's view of Burbank's favorable business position with ample landfill capacity and a large and stable residential customer base; a strong local economy, although somewhat concentrated in the entertainment industry, with easy access to the greater Los Angeles area; strong reserve levels and limited capital needs; and a strong predictable revenue collection mechanism.
--Fresno's solid waste management enterprise revenue bonds to AA-minus from A-minus. The upgrade reflects Standard & Poor's view of Fresno's history of strong financial operations and the stability of the revenue stream in light of affordable monthly charges.
--Monterey Regional Waste Management Authority's integrated waste management refunding revenue bonds series 1998A to AA-minus from A. The upgrade reflects Standard & Poor's view of the authority's continued strong financial operations and liquidity.
--Napa's solid waste revenue bonds to AA-minus from A-minus. The upgrade reflects Standard & Poor's view of the city's status as the service hub and largest city in Napa County, the premier California wine region (along with neighboring Sonoma County to the west) and a leading tourist destination; and debt service coverage that, according to the city's projections, should be at least 2x based on net revenues of the system.
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Nevada County's solid waste certificates of participation to AA-minus from A-minus. The upgrade reflects Standard & Poor's view of the county's sound history of strong debt service coverage and liquidity.
--North Lake Tahoe Public Financing Authority's integrated waste management revenue bonds, issued for Placer County, to AA-minus from A-minus. The upgrade reflects Standard & Poor's view of the landfill fund's continued strong financial operations and the continued improvement of the system's liquidity position.
--Sacramento County's certificates of participation (COPs) to AA from A-plus. The upgrade reflects Standard & Poor's view of the county's continued strong coverage levels and liquidity position of the system.
--Salinas Valley Solid Waste Authority's revenue bonds to A-plus from A-minus. The upgrade reflects Standard & Poor's view of the authority's continued sound financial operations and liquidity position.
--Santa Cruz's solid waste certificates of participation to AA from A-plus. The upgrade reflects Standard & Poor's view of the city's strong coverage of debt service, coupled with maintenance of solid cash liquidity and the anticipation of limited additional capital needs.
--Shasta Joint Powers Finance Authority's solid waste revenue bonds to AA from A. The upgrade reflects Standard & Poor's view of the authority's continued strong revenue trends and liquidity position.
--Sunnyvale's solid waste refunding bonds to AA from A-plus. The upgrade reflects Standard & Poor's view of the city's the continued sound debt service coverage.
