Moody's Investors Service said it has upgraded to A1 from A2 the underlying rating of Ohio County Water District, Ky.'s revenue debt.
Processing Content
Concurrently, it assigned an A1 rating to $965,000 waterworks refunding revenue bonds, Series 2015.
The rating reflects the district's above average reserve position, small service area with a stable, but concentrated customer base, as well as strong legal protection for bondholders.
The rating also incorporates historically adequate debt service coverage that is expected to improve given recent debt retirements and no plans for additional near term borrowing.
