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
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.
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. SHOW LESS READ MORE >