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California Department of Water Resources; Utility, Water/Sewer Dec 04
Standard & Poors, Dec 2004
Abstract
The 'AA' rating on California Department of Water Resources' (DWR) water system revenue bonds (Central Valley project) series AC reflects: The 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 70% 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 $422 million of additional parity bonds to finance the completion of existing water system projects, with substantial further bonding likely to expand water capacity and fund environmental mitigation projects. The possibility also exists...
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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