Fitch ratings have once again affirmed the CAWCD Revenue Bonds with a stable “AA” rating and Issuer Default Rating (IDR) on CAWCD’s $38 million water delivery operation and maintenance (O & M) revenue bonds, series 2016.

In addition, Fitch judged the outlook of the bonds to be stable.  The rating is a sign of reliable long-term expectation for the bond and of CAP’s resiliency during a challenging environment that includes impending water shortage and ongoing COVID-19.

Regarding a few of the key rating drivers, a portion of the Fitch report states that the CAWCD’s “operating cost burden is low” and is supported by a history of “adequate capital investments” and “robust cash balances”.

For more information on the CAWCD Revenue Bonds, see section 7-9 of the 2022-23 Biennial Budget. CAWCD has maintained this secure rating since the issuance of the bonds in 2016.