Standard&Poor's Ratings Services revised its outlook to stable from positive on Cucamonga Valley Water District, Calif.'s outstanding senior lien and subordinate lien water revenue bonds and certificates of participation (COPs), some of which were issued by the Cucamonga Valley Water District Financing Authority. At the same time, Standard&Poor's affirmed its 'AA' rating on the district's senior lien debt and its 'AA-' rating on the district's subordinate lien debt. While the district' financial performance has trended positively since 2009, the district continues to be impacted by state water conservation mandates and in our view, the district's financial metrics are expected to remain at the median for 'AA rated municipal retail water systems over the two-year outlook period.
