Metropolitan Earns Excellent Credit Ratings From Top Rating Agencies
LOS ANGELES--(BUSINESS WIRE)--Citing strong financial policies and prudent planning in a challenging water environment, the nation's top rating agencies have again assigned the Metropolitan Water District of Southern California excellent credit ratings.
In recent weeks, S&P reaffirmed Metropolitan's AAA/stable rating and Moody's reaffirmed an Aa1/stable rating for the recent sale of $132 million series 2025A water revenue refunding bonds on its senior lien. In addition, last week Metropolitan earned an AA+/stable rating from Fitch and AA+/stable rating from S&P for the upcoming proposed sale of $173 million in bonds that have a subordinate lien on Metropolitan revenues. Those bonds will help fund the design and construction of the High Desert Water Bank Program being developed in partnership between Metropolitan and the Antelope Valley-East Kern Water Agency.
'It's gratifying to see Metropolitan receive high credit ratings, amid difficult choices about our water and financial future,' said Metropolitan board Chair Adán Ortega, Jr. 'We will continue to be fiscally responsible as we adapt our water supply to the challenges brought by climate change. Having excellent credit ratings will help reduce the cost of essential investments.'
All three rating agencies noted that budget and business model refinements adopted in recent years have made Metropolitan more financially stable. While Metropolitan faces increased climate risks, such as drought and wildfires, S&P cited the modeling of various supply and demand scenarios in Metropolitan's recently adopted Climate Adaptation Master Plan for Water, as well as strong emergency planning, as key factors that will reduce vulnerabilities. The CAMP4Water implementation plan will help Metropolitan evaluate its capital investments and support long-term water affordability and reliability.
'Metropolitan is prioritizing planning and climate adaptation processes, knowing that climate change will affect our water supplies, infrastructure, operations and financial sustainability,' said John Bednarski, Metropolitan's assistant general manager of water resources and technical services. 'The CAMP4Water planning process will allow us to manage risk and make better decisions for our customers and our investors.'
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