S&P: Calera Waterworks Board, AL Utility Revenue Bond Rating Raised To 'A+' On Stronger Finances

S&P Global Ratings raised its long-term rating on Calera Waterworks Board, Ala.'s outstanding utility revenue bonds to 'A+' from 'A'. The outlook is stable.

"The rating reflects, in our opinion, the combination of very strong enterprise and financial risk profiles, coupled with consistent extremely strong all-in coverage ratios and growth in liquidity," said S&P Global Ratings credit analyst Omid Rahmani.

Net revenues of the water & sewer system secure the bonds.

Calera is in Shelby County, about 35 miles to the south of downtown Birmingham along I-65. The board sells water to approximately 7,300 customers in the service area.

"The stable outlook reflects our expectation that future financial performance will be managed to a level of debt service coverage that is in line with historical trends, supported by the stability and growth of unrestricted cash," added Mr. Rahmani.
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