OREANDA-NEWS. S&P Global Ratings assigned its 'AA-' long-term rating to Pomona Public Financing Authority, Calif.'s series BB sewer revenue refunding bonds, issued for Pomona. At the same time, we affirmed our 'AA-' long-term rating and underlying rating (SPUR) on the sewer system's parity obligations.

"The ratings reflect, in our opinion, the combination of a very strong enterprise risk profile and a very strong financial risk profile. The outlook is stable," said S&P Global Ratings credit analyst Tim Tung.

The enterprise risk profile reflects our view of the system's:

Service area participation in the broad and diverse Los Angeles-Long Beach-Anaheim metropolitan area economy;Very low industry risk as a monopolistic service provider of an essential public utility;Affordable service rates that have regularly been adjusted in line with inflation; andStrong operational management practices and policies. The financial risk profile reflects our view of the system's:

Strong historical all-in coverage metrics although we anticipate that fiscal year 2016 results will be materially, but temporarily, weaker; Extremely strong liquidity position, with unrestricted cash equivalent to more than 3.5 years of operating expenses;Manageable capital improvement plan with an adequate leverage position; and Good financial management practices and policies. A very strong enterprise risk profile and a very strong financial risk profile map to an indicative rating in our revenue debt criteria matrix of 'aa/aa-', and we have selected the 'aa-' anchor based on the system's relatively weaker enterprise risk profile and financial risk profile scores.

The series BB bonds are being issued to refund a portion of the system's existing debt obligations for annual debt service savings.