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California Department of Water Resources' 2011N Power Supply Revenue Bonds Rated 'AA-'; Other Ratings Affirmed Aug 11
Standard & Poors, Aug 2011
Abstract
NEW YORK (Standard & Poor's) Aug. 5, 2011--Standard & Poor's Ratings Services has assigned its 'AA-' long-term rating to the up to $1.1 billion of California Department of Water Resources' (CDWR) power supply revenue bonds series 2011N. At the same time, Standard & Poor's affirmed its 'AA-' underlying ratings and 'AA-/A-1+' ratings on the department's bonds outstanding. The outlook is stable. 'The ratings reflect our assessment of CDWR's power program, and the ongoing trend of declining power program responsibilities that we believe has greatly reduced the program's exposure to power market volatility,' said Standard & Poor's credit analyst David Bodek. The department initiated its power purchasing program with more than 50 contracts. The number now stands at nine priority contracts...
Companies mentioned in this report are: California Dept of Wtr Resources
Action: Affirmed
Action: New Rating
Action: Outlook: Stable
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.
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