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Summary: Redwood City Public Financing Authority, California; Water/Sewer Sep 11
Standard & Poors, September 2011
Standard & Poor's Ratings Services affirmed its 'AA-' underlying ratings (SPURs) on Redwood City Public Financing Authority, Calif.'s water revenue bonds, issued for Redwood City's water system. The outlook on all ratings is stable. The rating reflects our view of the system's: Wealthy, built-out service area that participates in the San Francisco Bay Area regional economy; History of increasing water rates annually; and Strong liquidity position with unrestricted cash and investments totaling $16.5 million at fiscal-year-end 2011 (June 30, 2011), representing about 310 days' of operating expenses. These strengths are partially offset by our view of the system's: Reliance on the San Francisco Public Utilities Commission (SFPUC) for the majority of its water supply, exposing it to increasing wholesale water...
Companies mentioned in this report are: Redwood City Pub Fincg Auth
Action: Outlook: Stable
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.
Redwood City Pub Fincg Auth