Summary: Los Angeles Department of Water and Power, California; Water/Sewer Jan 12

Standard & Poors, January 2012

Abstract
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: Affirmed
Action: Outlook: Stable

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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.

Los Angeles Dept of Wtr & Pwr

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