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California Dept of Wtr Resources' $278.87 Million Revenue Bonds Assigned 'AAA' Rating Mar 09
Standard & Poors, March 2009
Abstract
SAN FRANCISCO (Standard & Poor's) March 10, 2009-- Standard & Poor's Ratings Services assigned its 'AAA' long-term rating to California Department of Water Resources' (DWR) $278.87 million water system revenue bonds (Central Valley project), series AF. In addition, Standard & Poor's affirmed its 'AAA' long-term rating and underlying rating (SPUR) on DWR's $2.1 billion of parity Central Valley project water revenue debt. The outlook is stable. 'The rating reflects our opinion of the credit strength of DWR's 29 public agency water contractors and the essential role of the Central Valley state water project, which serves 70% of the state's population,' said Standard & Poor's credit analyst Ian Carroll. 'Further supporting the rating is what we consider DWR's strong financial position.'...
Companies mentioned in this report are: California Dept of Wtr Resources
Action: Affirmed
Action: New Rating
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.
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.
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