Standard&Poor's Ratings Services assigned its 'A+' long-term rating to El Centro Financing Authority, Calif.'s 2014 series A water revenue refunding bonds, issued for the City of El Centro. The outlook is stable. The rating reflects our view of the water system's: Stable, very diverse, and primarily residential customer base; Ample and very inexpensive raw water supply purchased from Imperial Irrigation District; Strong debt service coverage (DSC) during the past five audited fiscal years; and Strong liquidity position, with unrestricted cash equivalent to 811 days of operating expenses at the end of fiscal year 2013. Partly offsetting these credit strengths, in our view, is the water system's shallow service area economy based primarily in agriculture that is subject to
