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California Department Of Water Resources; Water/Sewer Apr 08
Standard & Poors, April 2008
Abstract
Standard & Poor's Ratings Services raised its rating and underlying rating (SPUR) on the California Department of Water Resources' (DWR) water revenue bonds to 'AAA' from 'AA'. The outlook is stable. The upgrade reflects the increasing essentiality of Central Valley Project water to the state, a previous rating upgrade of the DWR's principal water contractor (which is responsible for a majority of Central Valley Project water billings) to 'AAA' from 'AA', and the maintenance of steady and large Central Valley Project water financial reserves. At the same time, Standard & Poor's assigned its 'AAA' rating, and stable outlook, to the department's series AE water system revenue bonds (Central Valley Project). The 'AAA' rating reflects: The credit strength of DWR's 29...
Companies mentioned in this report are: California Dept of Wtr Resources
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: Full Analysis
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