Standard & Poor’s upgraded Ontario, Calif.’s 2004 series of water system certificates of participation to AA from AA-minus.

“The upgrade reflects our view of the water system’s consecutive years of strong financial results, with strong coverage and liquidity levels,” said Standard & Poor’s credit analyst James Breeding.

Analysts attributed the rating boost to the economic activity driven by the Ontario International Airport, even though its income levels remain below average; a broad customer base, and sufficient water supply.

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

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