S&P: Clovis CA Wastewater Revenue Bond Rating Raised To 'A+' From 'A-' On Very Strong Economic And Financial Metrics
"The raised rating reflects our view of the system's very strong economic and very strong financial metrics," said S&P Global Ratings credit analyst Chloe Weil. "The rating further reflects the application of our criteria, "Rating Methodology And Assumptions For U. S. Municipal Waterworks And Sanitary Sewer Utility Revenue Bonds," published Jan. 19, 2016, on RatingsDirect," Ms. Weil added.
The bonds are secured by the net revenues of the city's wastewater system. The system also has long-term obligations to Fresno, under which Clovis pays a portion of debt service on certain Fresno sewer debt in return for utilizing Fresno's regional treatment facilities.
Clovis (population: 103,677) is located in northeastern Fresno County and is adjacent to the city of Fresno. The current population is approximately 101,510 and has grown approximately 11.3% since 2010.
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