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California Department Of Water Resources' Bonds Raised To 'AAA' On Increasing Essentiality Apr 08
Standard & Poors, April 2008
Abstract
NEW YORK (Standard & Poor's) April 15, 2008--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 $630.11 million series AE water system revenue bonds (Central Valley Project). The...
Companies mentioned in this report are: California Dept of Wtr Resources
Action: New Rating
Action: Outlook: Stable
Action: Upgraded
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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