Summary: San Diego County Water Authority, California; Water/Sewer Apr 08

Standard & Poors, April 2008

Abstract
Standard & Poor's Ratings Services raised to 'AA+' from 'AA' its rating and underlying ratings (SPUR) on San Diego County Water Authority, Calif.'s revenue secured debt. In addition, we assigned our 'AA+' rating to the authority's Series 2008A certificates of participation. The certificates are secured by net revenues of the water system. The rating action reflects the cumulative results --both operational and financial?of an extended track record of very strong management and planning practices. The ratings generally reflect: Forward-looking administrative and financial management supported by board leadership with a governance structure that allocates decision making authority among member agencies based on relative financial significance; Recently strengthened financial policies, including a 1.5 x senior lien debt service coverage ratio; The highly...

Companies mentioned in this report are:
- San Diego Cnty Wtr Auth

Action: Upgraded

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.

- San Diego Cnty Wtr Auth

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