Standard & Poor's Ratings Services said it raised its underlying rating to AA-minus from A-plus on Roseville, Calif.'s water utility revenue certificates of participation.
At the same time, it assigned its AA-minus long-term rating to the city's series 2015 water utility revenue COPs. The outlook is stable.
"The stable outlook reflects our view of the system's primarily residential customer base and affordable service rates that provide management with revenue-raising flexibility," said Standard & Poor's credit analyst Tim Tung.
The city is issuing the series 2015 COPs to refund the series 2007 COPs and to provide funding for a portion of the water system's capital program.
The city of Roseville is located about 16 miles northeast of Sacramento in Placer County.
