Standard & Poor's Ratings Services said it has raised its rating on St. Johns County, Fla.'s water and sewer system bonds to AA from AA-minus.
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At the same time, Standard & Poor's assigned its AA long-term rating to the county's series 2014 water and sewer revenue refunding bonds. The outlook is stable.
"The upgrade is based on the system's maintenance of good financial results, supported by exceptionally strong liquidity and good coverage of annual debt service, with what we view as manageable capital needs," said Standard & Poor's credit analyst Corey Friedman.
