Fitch Ratings, takes the following rating action on Tohopekaliga (TOHO) Water Authority, affirming a AA- rating on approximately $185.5 million water and sewer revenue bonds.
The Rating Outlook is Stable.
The rating reflects strong financial operations providing solid debt service coverage and liquidity levels.
The system has ample water supply and treatment capacity with a large and diverse customer base. The system has a sizable capital improvement program over the next five years pending customer growth.
KEY RATING DRIVER: The Authority's maintenance of its financial profile while implementing a significant capital improvement program will be key to maintaining the current rating and Stable Outlook.
Monday, March 15, 2010
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