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California Department of Water Resources; Water/Sewer Jul 06
Standard & Poors, July 2006
Abstract
The 'AA' rating on California Department of Water Resources' (DWR) water system revenue bonds (Central Valley project), series AE and AF, and parity debt reflects: The credit strength of DWR's 29 public agency water contractors; The essentiality of the Central Valley state water project, which supplies water to public water agencies serving 69% of the state's population, and its consequent critical role in the state economy; and DWR's strong financial position. Offsetting factors include DWR's large capital needs and potential future bonding for additional water capacity and environmental purposes. DWR anticipates issuing approximately $250 million of additional parity bonds to finance ongoing water system projects over the next five years, with substantial further bonding in subsequent years to expand water...
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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