S&P Global Ratings assigned its 'AA' long-term rating to the Las Virgenes-Triunfo Public Financing Authority (JPA), Calif.'s $250.8 million 2025 Water Infrastructure Finance and Innovation Act (WIFIA) loan. The outlook is stable. The JPA is issuing the loan on behalf of its two participants, Las Virgenes Municipal Water District (LVMWD) and Triunfo Water and Sanitation District (TWSD). Each participant is severally liable for its required payments to the JPA, with LVMWD responsible for 70.6% of the proposed obligations and TWSD the remaining 29.4%. The loan will fund a portion of the construction of a $488.8 million advanced water purification facility, the Las Virgenes-Triunfo Pure Water Project (PWP), which the participants will co-own and which, when operational, is expected to produce
