Standard and Poors Ratings Services on Monday raised its bond rating for the Savannah Valley Utility District, which is planning a refunding bond issue to capitalize on the lower interest rates.
S&P Credit Analyst Theodore Chapman raised the rating for the Harrison and Georgetown water supplier by one notch to “AA” based on the utility’s “willingness to adjust rates, as necessary” and the limited capital spending plans beyond completion of a water treatment plant. “The upgrade reflects the district’s maintenance of strong financial profile, including debt service coverage and liquidity, as well as designated reserves that will essentially serve as a rate stabilization fund,” Chapman said.