OREANDA-NEWS. S&P Global Ratings assigned its 'A' long-term rating to South Feather Water and Power Agency, Calif.'s $23.4 million series 2016 certificates of participation (COPs; Miners Ranch Water Treatment Plant Improvement Project). The outlook is stable.

"The rating reflects our view of the agency's extremely strong cash position, low debt burden, ample water supply, consistent revenue, periodic sales of surplus water, and low water rates, said S&P Global Ratings credit analyst Paul Dyson.

The COP proceeds will be used to fund improvements to the agency's Miners Ranch Water Treatment Plant and to refund the agency's 2012 water revenue refunding bonds.

The stable outlook reflects our view of the agency's generally good hydroelectric operations, ample water supply, and to-be-expanded treatment capacity, as well as our anticipation that the agency will maintain an extremely strong liquidity position to offset operating and financial risks.