Standard & Poor's Ratings Services said it raised its long-term rating and underlying rating (SPUR) A-plus from A on New Orleans, La.'s drainage system's special ad valorem tax-supported debt.
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At the same time, it assigned its A-plus long-term rating to the city's series 2014 drainage system refunding bonds. The outlook is stable.
"The raised ratings are based on our view of the city's historical maximum annual debt service coverage of over 7x as well as the sewer and water board and the city's adoption of a policy to better coordinate and leverage resources to complete future utility projects," said Standard & Poor's credit analyst Brian Marshall.
