Standard & Poor's Ratings Services affirmed its 'A+' underlying rating (SPUR) on Indian Wells Valley Water District, Calif.'s series 2009 water revenue certificates of participation (COPs). The outlook is stable. The rating reflects our opinion of the district's: Stable, primarily residential, and very diverse customer base located in a high-desert location that, while remote, provides access to nearby industrial centers in Kern and San Bernardino counties; Demonstrated track record of regularly increasing service rates to meet capital and regulatory needs; and Return to strong debt service coverage (DSC) in fiscal year 2012 following a two-year period of weaker financial performance primarily driven by rising carrying charges. In our view, partially offsetting the preceding credit strengths are the district's: Reliance on...
Companies mentioned in this report are:
- Indian Wells Vy Wtr Dist
Action: Outlook: Stable
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