Seniorannual debt service coverage ADS was 1
Seniorannual debt service coverage (ADS) was 1.5 times (x) in fiscal 2007. Projecteddebt service coverage is expected to produce similar results. Liquidity forfiscal 2007 was also strong at 706 days cash on hand. Days working capital wassimilar, averaging 990 days over the past five years. Financialperformance is expected to remain adequate for the rating level given the modestcapital pressures and proposed rate hikes.
The rating also reflects limited impactfrom the automotive industry's recent decline and some user concentration amongits top 10 users, though exposure has declined from earlier levels. The bonds are payable from a senior lien on and pledge of the netrevenues of the city's water system (the system) The Rating Outlook is Stable. The 'A+' rating reflects the system's good financial performance, manageablecapital plan, and low leverage ratios. ($1=$1.16 Canadian) (Reporting by Jennifer Kwan; editing by Rob Wilson) Stocks.
AUSTIN, Texas--(Business Wire)--In the course of routine surveillance, Fitch Ratings affirms the 'A+' rating onToledo, Ohio's (the city) $80.4 million of outstanding senior lien water revenuebonds. At May, Alpha held about 6 percent market share on a volumebasis, while TMX made up nearly 90 percent, according to theInvestment Industry Regulatory Organization of Canada Thebalance was held by other alternative trading systems. At the time, it said it had its eye on a 20 percent marketshare within its first year of operation in a market dominatedby TMX Group Inc (X.TO), which owns the Toronto Stock Exchangeand smaller-cap TSX Venture Exchange, as well as the MontrealExchange derivatives market. Alpha Group, owned in part by the investment dealing armsof Canada's largest banks, launched its alternative tradingvenue last November. The company said it is also increasing fee rebates itoffers to market players who provide certain types of tradingorders on securities that trade for at least C$1 or more,helping to boost liquidity. Stocks Alpha said it is reducing some of its fees for securitiesthat trade for less than a C$1 and removing fees for tradesexecuted at the start of the session.