Bangkok--9 Jun--Standard & Poor's
Standard & Poor's Ratings Services assigned its 'AA' long-term rating, with a stable outlook, to San Juan Water District, Calif.'s $30.28 million revenue certificates of participation series 2009A. The outlook is stable.
"The rating is based on our view of the district's strong coverage and cash reserves and its willingness to adjust rates as needed to fund ongoing capital needs," said Standard & Poor's credit analyst Paul Dyson. "Further strengthening the stability of the credit in our view is its plentiful water supply, which was well above demand in 2008."
Proceeds will finance various capital improvements to the district's retail and wholesale water systems, including improvements to pump stations, pipelines, and pressure reduction stations.
Formed in 1954 and governed by a five-member board, the district is located in northeast Sacramento County and southeast Placer County about 20 miles northeast of downtown Sacramento.
RELATED RESEARCH
"Standard & Poor's Revises Criteria For Rating Water, Sewer, And Drainage Utility Revenue Bonds," Sept. 15, 2008
Complete ratings information is available to RatingsDirect subscribers at www.ratingsdirect.com. All ratings affected by this rating action can be found on Standard & Poor's public Web site at www.standardandpoors.com; select your preferred country or region, then Ratings in the left navigation bar, followed by Find a Rating.
Media Contact:
Ana Sandoal, New York (1) 212-438-5095, [email protected]
Analyst Contacts:
Paul Dyson, San Francisco (1) 415-371-5079
Chris Morgan, San Francisco (1) 415-371-5032