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S&P rates California Water bonds AA-
Standard & Poor's said it assigned an AA- secured debt rating and 1+ recovery rating to California Water Service Co.'s $100 million first mortgage bonds and affirmed its A+ corporate credit rating.
The outlook is stable.
California Water's parent, California Water Service Group, will guarantee the bonds, and California Water will use the proceeds to reduce short-term debt at both companies, to refinance existing long-term debt, to finance its capital expenditure plans and for general corporate purposes.
The agency said California Water has an excellent business risk profile stemming from a supportive regulatory environment, limited competition, strong, largely residential markets and relatively low operating risk.
Somewhat tempering these strengths are capital requirements associated with infrastructure replacement needs, compliance with water quality standards and limited control of future water supply, S&P said.
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