Summary: California Dept of Wtr Resources, CA; Revenue - Utility, CP; Revenue - Utility, Water/Sewer; Revenue - Utility, Wholesale Electric Aug 97

Standard & Poors, August 1997

Abstract
The ratings on California Department of Water Resources' bonds reflect a large, but manageable capital program, though costs could increase substantially with the implementation of projects designed to address the long- term Sacramento Bay Delta solution. While a preferred alternative may be chosen within the year, implementation is likely to be several years away as the environmental approval process moves forward. The ratings also reflect the strength of the department's 29 water contractors, the essentiality of the project, and its critical role in the state economy. The rating also incorporates the department's solid financial position, evidenced by 1.25 times (x) coverage of debt service as outlined in its legal provisions and $226 million in unrestricted cash at fiscal year-end 1996,...

Companies mentioned in this report are:
- California Dept of Wtr Resources

Action: New Rating

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This product consists of a Summary Analysis: Bi-annual (at least). An abbreviated analysis containing Standard & Poor's issuer credit ratings as of the time the article was published. The analysis includes a rating rationale - the basis on which the rating was assigned - and an outlook section if the issuer is not on CreditWatch. Financial statistics are not included.

- California Dept of Wtr Resources

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