S&P ups Dallas Water Utilities underlying to AAA

Standard & Poor's said it raised its underlying rating on Dallas (Dallas Water Utilities), Texas' waterworks and sewer system revenue bonds to AAA from AA+.

The agency said that the upgrade is based on the city's continued solid financial performance in its role as the regional water provider, despite a sizable capital improvement program and periodic weather-related fluctuations.

The agency said it also assigned its AAA standard long-term rating to Dallas' $162.8 million series 2008 waterworks and sewer system revenue refunding bonds.

The outlook is stable.

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