S&P ups Norfolk, Va., water revenue bonds, rates bonds AA+

Standard & Poor's said it raised its rating and underlying rating on Norfolk, Va.'s water revenue bonds to AA+ from AA, reflecting the city water system's continued solid financial performance and liquidity position, characterized by strong coverage ratios, as well as continued strong management oversight practices.

At the same time, S&P said it assigned its AA+ rating to the city's $60.045 million of water revenue bonds, series 2008, due Nov. 1, 2038. The outlook is stable.

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