Mill Valley, CA COP Rating Raised To #AA+# On Adoption Of Five-Year Wastewater Treatment Rate Plan

Stocks and Financial Services Press Releases Wednesday October 19, 2016 08:39
SAN FRANCISCO--19 Oct--S&P Global Ratings

SAN FRANCISCO (S&P Global Ratings) Oct. 18, 2016--S&P Global Ratings raised its long-term rating to 'AA+' from 'AA' on the Mill Valley Facilities Financing Corp., Calif.'s certificates of participation (COPs), issued on behalf of the city of Mill Valley. The outlook is stable.

"The raised rating reflects our view of the city's very strong historical financial performance," said S&P Global Ratings credit analyst Chloe Weil. "We believe the city's financial performance is sustainable, given the city council's recent adoption of a five-year rate plan, which incorporates rising wastewater treatment costs and assessments paid to the Sewerage Agency of Southern Marin, following the completion of a rate study in August 2016," Ms. Weil added.

The COPs are backed by installment payments from the city to the corporation. The installment payments are secured by sewer system net revenue.

Mill Valley, with a population of about 14,000, is located in Marin County, about 11 miles north of San Francisco. Residents have access to diverse employment opportunities throughout the San Francisco Bay Area.

Certain terms used in this report, particularly certain adjectives used to express our view on rating relevant factors, have specific meanings ascribed to them in our criteria, and should therefore be read in conjunction with such criteria. Please see Ratings Criteria at www.standardandpoors.com for further information. Complete ratings information is available to subscribers of RatingsDirect at www.globalcreditportal.com and at www.spcapitaliq.com. All ratings affected by this rating action can be found on the S&P Global Ratings' public website at www.standardandpoors.com. Use the Ratings search box located in the left column.


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