For Immediate Release
Contact: Clay Phillips, 760-839-4631
City officials announced today that Standard & Poor's Ratings Services had upgraded two of Escondido’s bond ratings.
Standard & Poors raised its long-term rating and underlying rating to 'AA-' from 'A+' on Escondido’s existing series 2012 water revenue bonds. At the same time, Standard & Poor’s raised the long-term ratings to 'AA-' from 'A+' on the series 2007 water bonds.
The outlook is stable for all bonds. The stable outlook reflects Standard & Poor's opinion that the financial performance of Escondido’s water system has been consistently strong and will remain strong over the two year outlook rating period. Further support for this rating is evidenced by the water system’s stable and diverse customer base and recent track record of water system annual rate increases to support operations and fund future capital projects.
A copy of the rationale supporting the ratings and outlook is available on the city’s website at: http://www.escondido.org/Data/Sites/1/media/PDFs/Finance/City%20ofEscondidoReport.pdf