Standard & Poor’s has revised its outlook to positive from stable on sewer revenue bonds issued by the New ­Orleans Sewerage & Water Board.

The rating on the board’s $173 million of outstanding sewer revenue bonds was affirmed at BBB-minus.

Analyst Theodore Chapman said the revised outlook was based on several consecutive years of improved coverage as the city and the utility recover from the devastating hurricanes of 2005.

Standard & Poor’s also posted a positive outlook on the system’s water revenue bonds, which are rated BB.

The system has 120,000 accounts, down from the 140,000 before the storms but an improvement from its low of 100,000 accounts.

The board has adopted a $447 million capital improvement program though 2015.

Moody’s Investors Service rates the sewer bonds Baa3 and the water bonds Baa2.

Fitch Ratings lowered its rating on the sewer bonds to BBB-minus from BBB-plus in February, and raised its rating on the water bonds to BBB-minus from B.

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