Standard&Poor's Ratings Services assigned its 'AA-' long-term rating to Cucamonga Valley Water District, Calif.'s series 2011A water revenue refunding bonds. At the same time, Standard&Poor's affirmed its 'AA-' underlying rating (SPUR) on the district's outstanding water revenue COPs. The outlook is stable. The rating reflects our view of the district's: Strong 1.6x debt service coverage in fiscal 2010 and estimated 1.9x coverage in 2011; Strong liquidity position of 220 days of operating expenses as of June 30, 2010, based on audited financials and a higher liquidity position of 335 days as of June 30, 2011, based on unaudited financials; and Adopted multi-year water rate increases, continuing the district's practice of implementing modest annual rate increases. These
