Standard & Poor's Ratings Services said it raised its rating to AA-minus from A-plus on Sumter, S.C.'s outstanding waterworks and sewer system improvement revenue bonds.
It also assigned a AA-minus rating to the city's series 2015 waterworks and sewer system improvement and refunding. The outlook is stable.
"The upgrade is based on strong historical financial performance that we believe will be sustainable at least for the next two years," said Standard & Poor's credit analyst Scott Garrigan.
The rating reflects the following credit strengths: a stable customer base and diverse revenue base; combined monthly water and sewer rates deemed affordable even though the service area's income levels are just below national averages; and no plans for additional debt in the next five years.
