Summary: Cucamonga Valley Water District, California; Water/Sewer Aug 11

Standard & Poors, August 2011

Abstract
Standard & Poor's Ratings Services assigned its 'AA-' long-term rating to Cucamonga Valley Water District, Calif.'s series 2011A water revenue refunding bonds. At the same time, Standard & Poor's affirmed its 'AA-' underlying rating (SPUR) on the district's outstanding water revenue COPs. The outlook is stable. The rating reflects our view of the district's: Strong 1.6x debt service coverage in fiscal 2010 and estimated 1.9x coverage in 2011; Strong liquidity position of 220 days of operating expenses as of June 30, 2010, based on audited financials and a higher liquidity position of 335 days as of June 30, 2011, based on unaudited financials; and Adopted multi-year water rate increases, continuing the district's practice of implementing modest annual rate increases. These...

Companies mentioned in this report are:
- Cucamonga Vy Wtr Dist
- Assured Guaranty Corp

Action: Affirmed
Action: New Rating
Action: Outlook: Stable

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This product consists of a Summary Analysis: Bi-annual (at least). An abbreviated analysis containing Standard & Poor's issuer credit ratings as of the time the article was published. The analysis includes a rating rationale - the basis on which the rating was assigned - and an outlook section if the issuer is not on CreditWatch. Financial statistics are not included.

- Cucamonga Vy Wtr Dist
- Assured Guaranty Corp

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