San Luis Water District, CA COPs Assigned #A+# Rating On Very Strong Financial Risk Profile

Stocks and Financial Services Press Releases Friday May 19, 2017 09:15
SAN FRANCISCO--19 May--S&P Global Ratings
SAN FRANCISCO (S&P Global Ratings) May 18, 2017--S&P Global Ratings assigned its 'A+' long-term rating to San Luis Water District, Calif.'s series 2017A revenue certificates of participation (COPs).
The outlook is stable. "The rating reflects, in our opinion, the combination of a strong enterprise risk profile and a very strong financial risk profile," said S&P Global Ratings credit analyst Chloe Weil.
Proceeds from the series 2017A bond issuance will be used to recapture CVP water on behalf of the Grassland Water District (GWD).

GWD is the legal entity charged with delivering CVP water to the wetland areas within its boundaries; GWD does not deliver water to agricultural or municipal and industrial customers, instead it provides water for wetlands habitat protection across multiple state wildlife areas and federal wildlife refuges, which together are the largest contiguous block of wetlands in the Central Valley and a major wintering ground for migratory waterfowl and shorebirds of the Pacific Flyway.

The district is located approximately 12 miles southeast of the city of Los Banos and comprises approximately 56,790 acres, of which approximately 31,492 acres are in the Merced County and 25,298 acres are in Fresno County. Certain terms used in this report, particularly certain adjectives used to express our view on rating relevant factors, have specific meanings ascribed to them in our criteria, and should therefore be read in conjunction with such criteria. Please see Ratings Criteria at www.standardandpoors.com for further information.

Complete ratings information is available to subscribers of RatingsDirect at www.globalcreditportal.com and atwww.spcapitaliq.com.
All ratings affected by this rating action can be found on the S&P Global Ratings' public website at www.standardandpoors.com. Use the Ratings search box located in the left column.

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