Summary: Upper Santa Clara Valley Joint Powers Authority, California Santa Clarita Water Division; Water/Sewer Aug 11
Standard & Poors, August 2011
Abstract
Standard & Poor's Ratings Services assigned its 'AA' long-term rating to Upper Santa Clara Valley Joint Powers Authority, Calif.'s series 2011A refunding revenue bonds, issued for the Santa Clarita Water Division. At the same time, we affirmed our 'AA' long-term rating on Castaic Lake Water Agency, Calif.'s series 2010B retail system revenue certificates of participation, also issued for the Santa Clarita Water Division. The outlook on the bonds and certificates is stable. The rating reflects our view of Santa Clarita Water Division's: Predominantly residential ratepayer base that participates in the deep and diverse greater Los Angeles metropolitan area economy; Strong debt service coverage (DSC), which is further supported by rate increases that have been approved through fiscal 2012; and A...
Companies mentioned in this report are: Santa Clarita Water Division,Castaic Lake Wtr Agy,Upper Santa Clara Vy Jt Pwrs Auth
Action: Affirmed
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.
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.
Santa Clarita Water Division,Castaic Lake Wtr Agy,Upper Santa Clara Vy Jt Pwrs Auth
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