- Language: English
- Published: October 2012
- Region: California
San Diego County Water Authority's Rating Raised; New $300 Million Certificates Rated 'AA' May 02
- ID: 1886124
- May 2002
- Standard & Poors
SAN FRANCISCO (Standard & Poor's) May 14, 2002--Standard & Poor's said today it had raised its rating to double-'A' from double-'A'-minus on San Diego County Water Authority, Calif.'s outstanding senior-lien long-term debt of approximately $480 million, based on the authority's very strong financial situation, improved cash reserves, and aggressive efforts to diversify its water supply. Standard & Poor's also said it assigned its double-'A' rating to the authority's new $300 million water revenue certificates of participation, based on the authority's strong management as well as a large and diversified local economy. The outlook is stable. "The authority's cash position has improved considerably, from 45 days' operating cash in 1997 to over 90 days' operating cash at the close of 2001,"...
Companies mentioned in this report are:
- San Diego Cnty Wtr Auth
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.
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.