S&P ups N. Harris County Regional Water, rates bonds A+

Standard & Poor's said it raised its rating on North Harris County Regional Water Authority, Texas' senior-lien water system revenue bonds to A+ from BBB+ and assigned that A+ rating to the authority's $241.2 million series 2008 bonds.

The outlook is stable.

The upgrade is based on the authority's demonstrated operational and financial history since its 1999 creation, which includes strong overall pledged revenues available for debt service, S&P said. The upgrade affects about $218.6 million in outstanding parity revenue bonds.

Proceeds of the current issue will be used to finance continued additions and improvements to the system's pumping and transmission infrastructure.

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