S&P Global Ratings affirmed its long-term rating and underlying rating (SPUR) of 'AA+' on the Cucamonga Valley Water District Financing Authority , Calif.'s subordinated water revenue bonds issued for the Cucamonga Valley Water District , Calif. The outlook is stable. The parity-lien bonds are secured by installment payments backed by a subordinate pledge of net revenues of the district's water system. We previously equalized the rating on the subordinate-lien (parity-lien) bonds with that of the senior-lien bonds, as the senior lien was effectively closed in 2021 with no remaining debt outstanding. The district has covenanted not to issue any additional senior-lien debt, including refunding series. Therefore, we believe the subordinate-lien debt holders are no longer materially disadvantaged. We view the
