CAWCD Revenue Bonds affirmed as stable — despite daunting environment

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CAP Canal at Sunset

Fitch ratings once again have affirmed the CAWCD Revenue Bonds with a stable “AA” rating on its $41 million water delivery operation and maintenance (O & M) revenue bonds, series 2016.

The rating is a sign of reliable long-term expectations for the bond and of CAP’s resiliency during a challenging environment that includes a potential water shortage and COVID-19.

A portion of the Fitch report states:

  • “The operating-risk profile of the district is very strong given a very low operating cost burden, reflected as total costs relative to water delivered, and low life-cycle ratio.”

For more information, see section 7-9 of the 2020-21 Biennial Budget.

CAWCD has maintained this secure rating since the issuance of the bonds in 2016