S&P raises Fresno, Calif. senior-lien water rev. bond rating

Wed Dec 19, 2012 9:56am EST

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Dec 19 (Reuters) - Standard & Poor's Ratings Service late on Tuesday said it raised the long-term and underlying rating on Fresno California's senior-lien water revenue refunding bonds to A-plus from A.

The rating agency also affirmed the city's series 2010A-1 and 2010A-2 A Build America water revenue bonds.

"The rating action reflects our view of the city's extremely strong debt service coverage and closed lien, which renders it unable to issue additional senior-lien debt," said S&P credit analyst Paul Dyson in a statement.

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