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
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