East Bay Municipal Utility District, CA Nearly $428 Million Revenue, Refunding Bonds Assigned 'AAA' Rating

SAN FRANCISCO (S&P Global Ratings) Jan. 29, 2024--S&P Global Ratings assigned its 'AAA' long-term rating to  East Bay Municipal Utility District (EBMUD), Calif.'s anticipated $245.3 million series 2024A water system revenue bonds (green bonds) and $182.1 million series 2024B water system revenue refunding bonds. At the same time, S&P Global Ratings affirmed its 'AAA' long-term rating and underlying rating (SPUR) on the district's outstanding water system revenue bonds and its 'A-1+' short-term rating on the district's outstanding commercial paper (CP) notes (water series). The outlook, where applicable, is stable. The rating reflects our view of the water system's robust historical financial performance and comprehensive rate structure that promotes stability and cost recovery through varying hydrological and economic cycles," said S&P

...January 29, 2024 SAN FRANCISCO (S&P Global Ratings) Jan. 29, 2024--S&P Global Ratings assigned its '###' long-term rating to East Bay Municipal Utility District (EBMUD), Calif.'s anticipated $245.3 million series 2024A water system revenue bonds (green bonds) and $182.1 million series 2024B water system revenue refunding bonds. At the same time, S&P Global Ratings affirmed its '###' long-term rating and underlying rating (SPUR) on the district's outstanding water system revenue bonds and its 'A-1+' short-term rating on the district's outstanding commercial paper (CP) notes (water series). The outlook, where applicable, is stable. The rating reflects our view of the water system's robust historical financial performance and comprehensive rate structure that promotes stability and cost recovery through varying hydrological and economic cycles," said S&P Global Ratings credit analyst Chloe Weil. "We anticipate that the district's pro forma financial metrics will remain at levels we consider...

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