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Modesto Irrigation District, CA's Certificates Rated 'A+' on Strong Cash but Increasing Debt Nov 03
Standard & Poors, November 2003
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
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Research type: News
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Modesto Irr Dist