Standard & Poor's Ratings Services said it has raised its rating on Seminole County, Fla.'s water and sewer bonds outstanding to AA from AA-minus.
At the same time, Standard & Poor's has assigned its AA rating to the county's series 2015A and series 2015B water and sewer revenue refunding bonds. The outlook is stable.
"The upgrade reflects the county's trend of strong financial performance, improving economic conditions, and limited capital needs," said Standard & Poor's credit analyst James Breeding.
The rating also reflects our view of the system's: good debt service coverage and liquidity, which we expect to continue based on management's projected future rate adjustments; healthy service area economy, which participates in the Orlando metropolitan statistical area and is experiencing good local employment growth; rates that should remain competitive even after recent and projected increases; and the better-defined capital improvement program funded with excess revenues for the next five years.
