S&P: Eastern Municipal Water District, CA Water And Wastewater Revenue Bonds Assigned 'AA' Rating
"The rating reflects our opinion of the district's combination of a very strong enterprise risk profile and an extremely strong financial risk profile," said S&P Global Ratings credit analyst Chloe Weil. "We are maintaining a one-notch difference in the ratings on the senior and subordinate liens based on the lower coverage requirement of the subordinate lien," Ms. Weil added.
The series 2016B bonds are being issued to refund series 2008H for economic savings.
The district (population: 803,973) is located in the western third of Riverside County and encompasses 555 square miles. The district provides water service to retail customers located within the cities of Moreno Valley, Menifee, Murrieta, and Temecula, and certain unincorporated areas within the county. The district also provides water on a wholesale basis to the cities of Hemet, San Jacinto, and Perris, as well as the Lake Hemet Municipal Water District, Nuevo Mutual Water Co., Western Municipal Water District, and the California Department of Water Resources (DWR). The district provides sewer services to retail customers within its boundaries.
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