S&P lifts Dallas waterworks bonds to AAA

Standard & Poor's said it raised the waterworks and sewer system revenue bonds of Dallas (doing business as Dallas Water Utilities) to AAA from AA+.

The agency also assigned an AAA standard long-term rating to Dallas' $162.855 million series 2008 waterworks and sewer system revenue refunding bonds due Oct. 1, 2038.

The outlook is stable.

The agency said the upgrade is based on the city's continued solid financial performance in its role as the regional water provider, despite a sizable capital improvement program and periodic weather-related fluctuations.

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