California Department of Water Resources' Revenue Bonds Rated 'AA' Dec 04

Standard & Poors, December 2004

Abstract
NEW YORK (Standard & Poor's) Dec. 15, 2004?Standard & Poor's Ratings Services assigned its 'AA' rating to California Department of Water Resources' (DWR) $267.215 million water system revenue bonds (Central Valley project) series AC. The rating 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. The outlook is stable based on the expectation that the strong financial position of DWR's major contractors will be maintained,...

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

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

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.

- California Dept of Wtr Resources

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