Modesto Irrigation District, CA's Certificates Rated 'A+' on Strong Cash but Increasing Debt Nov 03
Standard & Poors, November 2003
Abstract
SAN FRANCISCO (Standard & Poor's) Nov. 21, 2003-Standard & Poor's Ratings Services said today that it assigned its 'A+' rating to Modesto Irrigation District, Calif.'s $50.00 million in certificates of participation (COPs) series 2004A and $70.55 million in COPs series 2004B based not only on the district's strong reserves, but also on its increasing debt burden and somewhat-slipping debt service coverage. The outlook is stable. "The district has consciously spent down a portion of reserves to finance future capital costs," said credit analyst Markela Soward. "Yet the district's unrestricted cash reserves remain at a high level, albeit slightly lower than in 2000." The COPs are being issued to finance the construction of a 95 megawatt, two-unit, simple-cycle power plant, the...
Companies mentioned in this report are: Modesto Irr Dist
Action: New Rating
Standard and Poors RatingsXpress Credit Research provides in-depth coverage of international corporates, financial institutions, insurance companies, utilities, sovereigns and structured finance programs. RatingsXpress Credit Research lets users determine the credit rating of holdings and identify key factors underlying an issuer's creditworthiness, distinguishes the different risk exposures for new and existing deals, and provides an understanding of how their analysts interpret key regulatory, political and environmental events and their economic impact.
Research type: News
This product is a is a brief one-page announcement of no more than 500 words with a quote from the analyst. It is media and investor focused with no accompanying commentary article.
Modesto Irr Dist
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