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Fitch Affs Albany Water, Gas and Light Commission's (GA) Water Revs at 'A-'; Outlook Stable.

Publication: Business Wire
Publication Date: 11-SEP-09
Format: Online
Delivery: Immediate Online Access

Article Excerpt
NEW YORK -- As part of its ongoing surveillance efforts, Fitch Ratings affirms its rating on Albany Water, Gas and Light Commission's (the commission) approximately $16.6 million outstanding water revenue bonds at 'A-'. No bonds are being issued at this time. The bonds are secured by a net revenue pledge of water system revenues. The Rating Outlook is Stable.

The 'A-' rating reflects the commission's weak liquidity position, consistently low debt service coverage levels and minimal overall financial flexibility. Annual debt service coverage levels solely from water...

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