May 12, 2017 -- Issue: Water and Sewer System Revenue Refunding and Improvement Bonds, Series 2017A; Rating: Aa1; Rating Type: Underlying LT; Sale Amount: $112,785,000; Expected Sale Date: 05/23/2017; Rating Description: Revenue: Government Enterprise;

Summary Rating Rationale

Moody's Investors Service has assigned a Aa1 underlying rating to the City of Fort Worth, TX's $112.8 million Water and Sewer System Revenue Refunding and Improvement Bonds, Series 2017A. Concurrently, we have affirmed the Aa1 rating on the system's $554.8 million of outstanding senior lien parity debt. The outlook is stable.

The Aa1 rating reflects the system's stable customer base and large service area that extends beyond the City of Fort Worth. The Aa1 rating also reflects the system's healthy debt service coverage and improving, but still below average, days cash on hand. The Aa1 further reflects the strong fiscal management, multiyear capital planning, a manageable debt profile and weak legal provisions.

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