Fitch Rates Douglas Co., Washington, Sewer District No. 1 Sewer Revs 'A+'

Fitch assigns an 'A+' rating to Sewer District No. 1 Douglas County, WA's $2.2 million sewer revenue bonds, 2008. The bonds are scheduled to sell via negotiation on July 15. Fitch also affirms the 'A+' rating on $14.7 million in outstanding parity obligations. The Rating Outlook is Stable. The 'A+' rating reflects the Sewer District No. 1 (the district) strong historical financial performance and liquidity levels, manageable capital improvement plan, affordable rate structure, and the region's healthy but relatively narrow economy. Strong liquidity and good planning provide flexibility; however, additional rate increases may be necessary to ensure revenues keep pace with expected cost growth. Parity bonds are secured by net system revenues, consisting primarily of rates and charges, connection fees and utility local... [read full story]