Standard & Poor's Ratings Services said it has raised its underlying rating (SPUR) on Plainfield Village, Ill.'s first-lien water and second-lien water and sewer system revenue bonds to AA-plus from AA.
At the same time, it assigned its AA-plus long-term rating to the village's series 2015 first-lien water and sewer system revenue bonds. The outlook on all ratings is stable.
"The upgrade reflects our view of the system's improved financial profile highlighted by consistently good to strong debt service coverage and robust liquidity metrics precipitated by management's continued commitment to adjust rates," said Standard & Poor's credit analyst Paula Costa.
"The rating also reflects our assessment of the village's local area economy characterized by strong income levels and relatively low unemployment; affordable combined rates, which provides for additional revenue raising flexibility; stable and diverse residential customer base; ample water resources and system capacity to fulfill long-term customer base requirements; low leverage position; and limited additional capital needs absent any additional debt plans," added Costa.
