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

Publication: Energy Weekly News
Publication Date: 02-OCT-09 		Format: Online
Delivery: Immediate Online Access

Article Excerpt
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 system revenues continue to exceed 1.0 times (x) by narrow margin,...

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