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The Santa Clarita Water Division, Santa Clarita Valley’s public water wholesaler, has been issued a new long-term bond rating that will benefit the division and its consumers.

Santa Clarita Water Division Receives Upgraded Bond Rating

The Santa Clarita Water Division, Santa Clarita Valley’s public water wholesaler, has been issued a new long-term bond rating that will benefit the division and its consumers.


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Standard and Poor’s (S&P) upgraded the Santa Clarita Water Division bond rating from an AA to AA+ after the division had recently been reviewed. S&P consider a rating of AA+ to be the best rating a company can receive.  

 

S&P is the world’s leading rating system provider of credit ratings.

 

Kieth Abercrombie, retail manager for Santa Clarita Water Division, said the report reveals that a diverse supply portfolio can benefit its local water ratepayers.

 

“Having those resources available has helped the communities we serve to endure periods of drought, even the record-setting drought we experienced in recent years,” Abercrombie said. “But also, those planning efforts are reflective of the overall stability of the Santa Clarita Water Division and CLWA, which has resulted in a more favorable credit rating for SCWD. This will, in turn, produce long-term financial benefits for the division and its ratepayers, too.”

 

The S&P report was a review of the division’s supply portfolio recognizing management practices including long term sustainability.

 

The S&P report said, “We consider the division’s water supply mix to be a clear credit strength, as the division has sufficient supplies (either local groundwater purchases from CLWA) to meet its customers’ needs even during severe drought conditions.”

 

Castaic Lake Water Agency (CLWA) Assistant General Manager Valerie Pryor said the rating is a result of efforts of the  Castaic Lake Water Agency and Santa Clarita Water Division team.

 

“The long-term finance planning process is rigorous,” she said. “The team meticulously prepares detailed annual updates of our financial and capital improvement forecasts. We are pleased that S&P recognize our commitment to transparency in financial reporting, practices and policies.”


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Santa Clarita Water Division Receives Upgraded Bond Rating

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About Aaron Lanuza

Aaron Lanuza is a print and broadcast journalist who has graduated from California State University Northridge with an Bachelors Degree in Journalism. Aaron Lanuza, a San Fernando Valley native, is currently a staff writer/reporter. As a multi-media reporter, Aaron is very involved with news gathering for written, radio and video broadcast.