Bangkok--27 Apr--Standard & Poor's
Standard & Poor's Ratings Services affirmed its 'A-1+' short-term rating on San Diego County Water Authority, Calif.'s commercial paper (CP).
The rating reflects our view of the following credit strengths continued strong management and board leadership; prudent fiscal policies; the essential nature of the authority's service, which provides about 90% of San Diego County's water; and a large and diversified economy.
The notes are secured by subordinate net revenues of the water system.
CP note proceeds are a part of the authority's ongoing capital program funding strategy; all of the CP is outstanding at any given time, effectively providing the authority with access to the short end of the yield curve.
"The rating on the CP program notes reflects our assessment of the authority's intention to permanently retire outstanding subordinate lien CP notes with senior-lien water revenue certificates," said Standard & Poor's credit analyst Ian Carroll.
RELATED RESEARCH
"Standard & Poor's Revises Criteria For Rating Water, Sewer, And Drainage Utility Revenue Bonds," Sept. 15, 2008
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Media Contact:
Ana Sandoval, New York (1) 212-438-5095, [email protected]
Analyst Contacts:
Ian Carroll, San Francisco (1) 415-371-5060
Paul Dyson, San Francisco (1) 415-371-5079
Key Contacts:
Americas Media Relations: (1) 212-438-6667
media_ [email protected]
Americas Customer Service: (1) 212-438-7280
[email protected]