Summary: Oceanside, California; Water/Sewer

S&P Global Ratings assigned its 'AA+' long-term rating to Oceanside, Calif.'s series 2020A water revenue bonds and series 2020 Water Infrastructure Finance and Innovation Act (WIFIA) loan (Pure Water, Lower Recycled and Upper Recycled Distribution System Project). At the same time, we affirmed our 'AA+' long-term rating on the series 2013 obligations issued by Oceanside Public Finance Authority for the City of Oceanside. The outlook is stable. The series 2020A bonds will have a par amount of approximately $25 million and will be used to fund improvements of the water system. The WIFIA loan will have a par amount of about $68 million, which will fund about 49% of the Pure Water Oceanside, Lower Recycled and Upper Recycled Water Projects.

...S&P Global Ratings assigned its '##+' long-term rating to Oceanside, Calif.'s series 2020A water revenue bonds and series 2020 Water Infrastructure Finance and Innovation Act (WIFIA) loan (Pure Water, Lower Recycled and Upper Recycled Distribution System Project). At the same time, we affirmed our '##+' long-term rating on the series 2013 obligations issued by Oceanside Public Finance Authority for the City of Oceanside. The outlook is stable. The series 2020A bonds will have a par amount of approximately $25 million and will be used to fund improvements of the water system. The WIFIA loan will have a par amount of about $68 million, which will fund about 49% of the Pure Water Oceanside, Lower Recycled and Upper Recycled Water Projects. The city has about $11 million of outstanding series 2013 obligations. We view the revenue bond provisions as credit neutral. The bonds are payable from net revenues of the city's water system. Covenants include a 1.25x rate covenant and a 1.25x additional...

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