Summary: Modesto Irrigation District Finance Authority, California Modesto; Joint Criteria; Water/Sewer Jul 13
- Language: English
- Published: July 2013
- Region: California
Standard & Poor's Ratings Services assigned its 'AA-' rating to Imperial Irrigation District (IID), Calif.'s $76.16 million series 2011B electric system revenue refunding bonds. At the same time, Standard & Poor's affirmed its 'AA-' long-term rating and underlying rating (SPUR) on the district's outstanding bonds secured by a net revenue pledge of the electric enterprise. The ratings reflect our view of: A service area that includes a significant but also diverse agricultural component that adds stability to the district's energy demands; A diverse power resource portfolio, including an increasing renewable energy component that totaled a district-estimated 7.5% of supply in 2010, projected by management to rise to 27% by 2015; Financial margins that remain extremely strong, with senior debt service...
Companies mentioned in this report are: Imperial Irr Dist
Action: New Rating
Action: Outlook: Stable
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Imperial Irr Dist