CUSIP 616110CK6
- ISIN: US616110CK61
- Entity Name: Town of Mooresville
- Sector: Municipal
- Announcement Date: *****
- Effective Date: *****
- Issue Date: *****
- Maturity Date: *****
- Country of Issuer: *****
- Region: N.Amer
- Issue Currency: *****
- CA Type: Rating Upgrade
- News: S&P Global Ratings raised its long-term rating on the Town of Mooresville, N.C.`s water and sewer revenue bonds outstanding to `AA+` from `AA`. The outlook is stable. The upgrade reflects our view of management`s operational and financial policies that have enabled the system to generate consistently strong coverage and liquidity levels. The rating reflects our opinion of the town`s extremely strong enterprise and financial risk profiles. The final rating is notched down to reflect increasing demand pressures, which may disrupt coverage, liquidity, and or the system`s debt burden. The enterprise risk profile reflects our view of the system`s: Service area participation in the broad and diverse Charlotte-Concord-Gastonia, N.C. metropolitan statistical area (MSA); Very low industry risk as a monopolistic service provider of an essential public utility; Affordable rates, representing 1.7% of median household effective buying income (MHHEBI); and Good operational management practices and policies. The financial risk profile reflects our view of the system`s: Very strong historical all-in debt service coverage (DSC) that we believe the utility will continue to produce in the near term; Extremely strong liquidity position that we believe is sustainable in the near term, despite potentially being drawn down because of the town using some of the utility`s cash reserves to fund a portion of system capital needs; Moderate leverage based on a debt-to-capitalization ratio of about 34%, with no additional debt plans in the near term; and Good financial management practices and policies
- Description: *****
- Bond Document: https://www.bondpdf.com/
- Latest Corporate Actions: https://www.CAalerts.com/credit-corporate-action/ISIN/US616110CK61
