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Summary: Orange Cove Irrigation District, California; Water/Sewer Jan 12
Standard & Poors, January 2012
Standard & Poor's Ratings Services assigned its 'A+' long-term rating to Orange Cove Irrigation District, Calif.'s series 2012 water revenue refunding bonds. At the same time, Standard & Poor's affirmed its 'A+' long-term rating on the district's series 2009 water revenue refunding bonds. The outlook on all ratings is stable. The rating reflects our view of the district's: Diverse Central Valley agricultural customer base, with 95% of acreage consisting of permanent crops; Mix of assessment fees based on acreage regardless of water deliveries and volume based charges; and Historically adequate-to-good coverage of annual debt service and consistently strong liquidity. These strengths are partially offset by our view of the district's: Competition with customer's groundwater pumping, although demand for its surface...
Companies mentioned in this report are: Orange Cove Irr Dist
Action: New Rating
Action: Outlook: Stable
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Orange Cove Irr Dist