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Summary: Los Angeles Department of Water and Power, California; Water/Sewer Jan 12
Standard & Poors, January 2012
Standard & Poor's Ratings Services has affirmed its 'AA' rating on the Los Angeles Department of Water and Power (LADWP), Calif.'s $3.2 billion water system revenue bonds. The outlook is stable. The bonds are payable from the municipal, retail water system's net revenues. The utility's electric system revenues are not pledged to water system bondholders. The ratings on LADWP's water system bonds reflect our view of the following strengths: The utility's approximately 667,000 customers provide California's largest retail water supplier with a broad and mature revenue stream. LADWP earns about 70% of its revenues from residential customers. Although we typically view a highly residential customer base as having the potential to contribute to revenue stream stability, water sales volumes fell...
Companies mentioned in this report are: Los Angeles Dept of Wtr & Pwr
Action: Outlook: Stable
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Los Angeles Dept of Wtr & Pwr