CUSIP 68611RBD9
- ISIN: US68611RBD98
- Entity Name: City of Orem, Utah
- Sector: Municipal
- Announcement Date: 13-Jul-2018
- Effective Date: *****
- Issue Date: *****
- Maturity Date: 15-Jul-2026
- Country of Issuer: United States
- Region: N.Amer
- Issue Currency: United States of America Dollars
- CA Type: Rating Upgrade
- News: Fitch Ratings has upgraded to `AAA` from `AA+` the following Orem, UT (the city) obligations: --Approximately $5.1 million water and storm sewer revenue refunding bonds, series 2016. The Rating Outlook is Stable. SECURITY The bonds are secured by net water and storm sewer system (the system) revenues after payment of maintenance and operations expenses. KEY RATING DRIVERS IMPROVED OPERATING MARGINS DRIVE UPGRADE: Rate increases in recent years have increased operating revenue, improving free cash flow (FCF) that is expected to support increased capital spending and generate debt service coverage over 6.0x. FAVORABLE DEBT PROFILE: Debt metrics are stronger than similarly rated systems and amortization is rapid. The debt burden will continue declining as the city has no plans to issue additional water and storm sewer bonds over the next five years.
- Description: Municipal Name: City of Orem, Utah CUSIP: 68611RBD9 Currency: USD City of Orem, Utah announced today that the Fitch Ratings has upgraded the ratings of the Series 2016, Water And Storm Sewer Revenue Refunding Bonds from AA+ to AAA.
- Bond Document: https://www.bondpdf.com/
- Latest Corporate Actions: https://www.CAalerts.com/credit-corporate-action/ISIN/US68611RBD98
