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California Department of Water Resources; Utility, Water/Sewer Mar 02
Standard & Poors, March 2002
Abstract
The 'AA' rating on California Department of Water Resources' water system revenue bonds reflects: The strength of the department's 29 public agency water contractors; The essentiality of the state water project, which supplies water to public water agencies serving 68% of the state's population, and its consequent critical role in the state economy; and The department's strong financial position. Offsetting factors include large capital needs and potential future bonding for additional water capacity and environmental purposes. The bonds are being issued for refunding purposes and are secured by a pledge of revenues, which represents that portion of the revenues of the department under the water supply contracts. The department has covenanted to charge amounts under the contracts sufficient to repay...
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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