Standard & Poor’s on Monday assigned an A rating and stable outlook to the Lehigh County Authority’s $291.5 million Series 2013 water and sewer revenue bonds to fund its Allentown, Pa., water lease concession.

In a deal that generated nationwide attention in the capital markets, county seat Allentown in May leased its utility system to the authority in exchange for a $225 million upfront concession and $500,000 annual lease payment, which the city applied mostly to its unfunded pension liability. Mayor Ed Pawlowski said that without the deal, Allentown was flirting with bankruptcy.

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