S&P raises Ann Arbor, Mich. water revs rating to 'AA'

April 25 Thu Apr 25, 2013 12:51pm EDT

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April 25 (Reuters) - Standard & Poor's Ratings Services on Thursday said that it raised Ann Arbor, Mich.'s outstanding water enterprise revenue bonds rating to AA from AA-minus. The outlook is stable.

S&P said the rating reflects "the strong and diverse economic base, anchored by the University of Michigan, that lends stability to the system's revenue base."

S&P also cited management's "ability to maintain good to strong debt service coverage and strong liquidity."

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