Standard & Poor's Ratings Services said it has raised its rating on Tampa, Fla.'s water and wastewater revenue bonds outstanding to AAA from AA-plus.
The outlook is stable.
"We base the upgrade on a long trend of strong coverage and liquidity levels, coupled with a very modest capital improvement program and a favorable debt service schedule," said Standard & Poor's credit analyst James Breeding.
The rating reflects the city water and sewer systems': continued strong financial performance, as evidenced by a solid debt service coverage (DSC) and liquidity position; stable customer area within a strong economic area; stable long-term water supply, with sufficient treatment capacity; competitive rates; and modest capital improvement program (CIP), with a greater use of recurring revenues.
