Bangkok--23 Jun--Standard & Poor's
Standard & Poor's Ratings Services assigned its 'A-1+' short-term rating to the San Diego County Water Authority, Calif.'s $100 million series 4, $100 million series 5, and $50 million series 6 commercial paper (CP) notes. Standard & Poor's also affirmed its 'A-1+' short-term rating on the authority's previously issued CP notes (series 1, 2, and 3) and its 'AA+' long-term rating and underlying rating (SPUR) on the authority's water revenue bonds and water revenue certificates of participation.
"The ratings reflect our view of such factors as the authority's critical role as a leading agency in water resource adequacy planning and long-term water infrastructure planning, strong financial policies and board-level commitment to maintaining strong debt service coverage and liquidity, and broad and stable service area economy," said Standard & Poor's credit analyst Paul Dyson.
The stable outlook reflects our expectation of continued strong financial performance, including maintenance of strong debt service coverage and liquidity, coupled with timely rate increases to recover the rising cost of water and fluctuations in demand. The outlook also reflects our view of management's prudent efforts to diversify its water supply.
RELATED CRITERIA AND RESEARCH
- USPF Criteria: Key Water And Sewer Utility Credit Ratio Ranges, Sept.15, 2008
- USPF Criteria: Standard & Poor's Revises Criteria For Rating Water, Sewer, And Drainage Utility Revenue Bonds, Sept. 15, 2008
- USPF Criteria: Commercial Paper, VRDO, And Self-Liquidity, July 3, 2007
Complete ratings information is available to subscribers of RatingsDirect on the Global Credit Portal at www.globalcreditportal.com. All ratings affected by this rating action can be found on Standard & Poor's public Web site at www.standardandpoors.com. Use the Ratings search box located in the left column.
Media Contact:
Edward Sweeney, New York (1) 212-438-6634,
[email protected]
Analyst Contacts:
Paul Dyson, San Francisco (1) 415-371-5079
James Breeding, Dallas (1) 214-871-1407