Summary: California Department of Water Resources; Water/Sewer Oct 10

Standard & Poors, October 2010

Abstract
Standard & Poor's Ratings Services assigned its 'AAA' long-term rating, and stable outlook, to the California Department of Water Resources' (DWR) Central Valley Project water system revenue bonds series AH and AI. At the same time, Standard & Poor's affirmed its 'AAA' rating and underlying rating (SPUR) on DWR's $2.3 billion parity Central Valley Project water revenue debt. In addition, we affirmed the 'AAA' rating on Kings River Conservation District, Calif.'s water revenue bonds, based on DWR's obligation to make debt service payments on the district's bonds from Central Valley Project water revenue pursuant to a 1979 contract between the district and DWR. The rating reflects our view of the long-term creditworthiness of the Central Valley Project water revenue bonds,...

Companies mentioned in this report are:
- California Dept of Wtr Resources
- Kings River Conserv Dist

Action: Affirmed
Action: New Rating
Action: Outlook: Stable

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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
- Kings River Conserv Dist

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