AUSTIN, Texas - (Business Wire) As part of ongoing surveillance, Fitch Ratings has affirmed the 'A+' rating for the following Battle Creek, Michigan issues:
--Approximately $8.03 million outstanding water and wastewater system revenue bonds, series 2001;
--Approximately $9.6 million outstanding water and wastewater system revenue refunding bonds, series 2003.
The Rating Outlook is Stable.
The affirmation of the 'A+' rating is based on the utility's favorable liquidity position and satisfactory debt service coverage, stable customer base, and adequate water supply and plant capacity. Although the system is mature and the amount of debt outstanding is modest, facilities are reportedly in good condition and borrowing needs are limited. Credit risks include some concentration among the largest system customers as well as the weakening economic and employment picture in Michigan. Prolonged economic deterioration expressed in escalating unemployment, could potentially impact system finances and capital plans.
Fitch's rating definitions and the terms of use 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 are also available from the 'Code of Conduct' section of this site.
Fitch Ratings
Mark Campa, +1-512-215-3727 (Austin)
Melanie A.J. Shaker, +1-312-368-3143 (Chicago)
Cindy Stoller, +1-212-908-0526
(Media Relations, New York)
cindy.stoller@fitchratings.com
