Fitch Affirms Pima County Metro Water, Arizona Revs 'A+/A'; Stable Outlook.AUSTIN, Texas -- In the course of routine surveillance, Fitch fitch: see polecat. affirms the ratings on Pima County Metropolitan Domestic Water Improvement District, AZ's (the district) bonds as follows: --$6.8 million water revenue bonds, series 2002, rated 'A+'; --$14.0 million subordinate obligation revenue refunding bonds refunding bond A bond that is issued for the purpose of retiring an outstanding bond. Issuers refund bond issues to reduce financing costs, eliminate covenants, and alter maturities. See also crossover refunding bonds, prerefunding. , series 2002, rated 'A'. Both bonds carry a Stable Rating Outlook. The ratings reflect the district's continued stable operating environment In computing, an operating environment is the environment in which users run programs, whether in a command line interface, such as in MS-DOS or the Unix shell, or in a graphical user interface, such as in the Macintosh operating system. and manageable near-term capital needs. Financial performance remains sound with debt service coverage for fiscal 2006 equal to 1.9 times (x) for the senior bonds and 1.4x with subordinate bonds included, similar to historical levels. Liquidity for the same period was also good at around nine months for both days of cash and working capital. Near-term capital needs are around $17 million through fiscal 2011, with about 73% of funding sources to be provided by a loan from the Arizona's state revolving fund revolving fund n. A fund established for a certain purpose, such as making loans, with the stipulation that repayments to the fund may be used anew for the same purpose. Noun 1. program which is scheduled to close later this year. Debt levels are and will remain elevated over the next few years and will likely rise further over the medium term as the district is expecting to issue debt sometime around or after fiscal 2011 for construction of a surface water treatment and distribution facility; the district currently relies on groundwater resources, but the water table is declining, necessitating treatment and use of the district's Central Arizona Project water for consumptive con·sump·tive adj. Of, relating to, or afflicted with consumption. purposes. Fitch's rating definitions and the terms of use Terms of Use are rules set up by the owner of an intellectual property or service to govern how they may be legally used. In many cases, terms of service are used as a contractual agreement between a company and users of a service they provide. of such ratings are available on the agency's public site, www.fitchratings.com. Published ratings, criteria and methodologies are available from this site, at all times. Fitch's code of conduct, confidentiality, conflicts of interest, affiliate firewall, compliance and other relevant policies and procedures Policies and Procedures are a set of documents that describe an organization's policies for operation and the procedures necessary to fulfill the policies. They are often initiated because of some external requirement, such as environmental compliance or other governmental are also available from the 'Code of Conduct' section of this site. |
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