A thumbs-up from Standard & Poor’s on its water revenue bonds overall validates the Lehigh County Authority’s concession agreement with Allentown, Pa., according to the agency’s executive director says.

“We’re very pleased with the way it turned out,” Aurel Arndt said in an interview. Standard & Poor’s last week affirmed its AA rating and stable outlook for the authority’s non-city system operations. S&P cited the authority’s history of affordable water rates, strong financial position and debt-service coverage.

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