Summary: Modesto Irrigation District Financing Authority Modesto Irrigation District; Retail Electric May 10
- ID: 1856736
- May 2010
- Standard & Poors
Standard & Poor's Ratings Services assigned its 'A+' rating to the Modesto Irrigation District Financing Authority, Calif.'s series $100 million series 2010A and B electric system revenue bonds, issued on behalf of Modesto Irrigation District. Standard & Poor's also affirmed its 'A+' rating on the authority's parity debt, also issued on behalf of the district. The rating reflects our view of the district's: Expanding service area economy that retains a strong core of agricultural employers; Diverse supply of owned and generated, and purchased power, resources; Management policies that support financial metrics and power purchase decision making; and Adopted rate increases of 22% in 2009 that we expect will enable the district to return to strong financial margins. Partially offsetting the...
Companies mentioned in this report are: Modesto Irr Dist Fin Auth,Modesto Irr Dist
Action: New Rating
Action: Outlook: Stable
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