Carter County First Utility District, TN Revenue Bond Outlook Revised To Positive

Stocks and Financial Services Press Releases Tuesday September 19, 2017 08:52
CENTENNIAL--19 Sep--S&P Global Ratings

CENTENNIAL (S&P Global Ratings) Sept. 18, 2017--S&P Global Ratings revised its outlook to positive from stable and affirmed its 'A-' rating on First Utility District of Carter County, Tenn.'s existing utility revenue bonds. At the same time, S&P Global Ratings assigned its 'A-' long-term rating to the district's series 2017 waterworks revenue refunding bonds. The rating reflects, in our opinion, an adequate enterprise risk profile and very strong financial risk profile. "The rating reflects our view of the water system's very strong financial risk profile and adequate enterprise risk profile," said S&P Global Ratings credit analyst John Schulz. The series 2017 bonds are being issued to refund a portion of the district's series 2000 bonds.

Carter County First Utility District provides retail water services to the area of Carter County located in the eastern division and in the northeast portion of the state of Tennessee. The county seat is Elizabethton, and the district is approximately 10 miles from the Tri-Cities area, including the cities of Kingsport, Johnson City, and Bristol. 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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