Modesto Irrigation District, California; Retail Electric Jul 08
Standard & Poors, July 2008
Abstract
Standard & Poor's Ratings Services affirmed its 'A+' rating and underlying rating (SPUR) on Modesto Irrigation District, Calif.'s outstanding electric bonds and certificates of participation (COPs). The COPs are being converted to fixed rate bonds from auction rate securities. The rating reflects: An expanding service area economy that retains a strong core of agricultural employers; A diverse supply of owned and generated, and purchased power resources; Management policies that support financial metrics and power-purchase decision-making; and Solid financial indicators, such as fixed charge coverage and cash reserves. Offsetting the above strengths are: High debt per customer, when including off-balance sheet debt obligations; Somewhat high rates when compared to other regional power providers; and Area unemployment rates that are higher than...
Companies mentioned in this report are: Modesto Irr Dist
Action: Affirmed
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Research Type: Full Analysis
Modesto Irr Dist
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