Debt Information

San Diego County Water Authority Bond Rating 1
Rating Agency Senior Lien Ratings 2 Subordinate Lien Ratings Outlook
Standard & Poor’s AAA AA+ Stable
Fitch AA+ AA Stable
Moody’s Aa2 Aa3 Stable
(1)  This table accurate as of May 25, 2016.
(2)  Senior Lien includes the Water Authority's Revenue Bonds and Certificates of Participation.

The Water Authority issues debt to partially fund the Capital Improvement Program costs pursuant to the Long-Range Financing Plan. Debt proceeds may be used to pay for the design, acquisition, and construction of capital projects. From time to time, the Water Authority may also issue debt to refinance outstanding debt obligations, as market conditions dictate. These refinancings are typically done to lower the Water Authority’s debt service payments. To view the Water Authority's complete long-term debt schedule, clck here.

The Water Authority issues both long-term and short-term debt. Payment of the debt is made solely from the net revenues of the Water Authority. Such debt, commonly referred to as “revenue bonds”, is typically issued to finance public works projects, such as water facilities projects. “Net revenues” consist of the revenues generated by the public works project after paying for ongoing operations and maintenance costs of the project. In the case of the Water Authority, the revenues it generates are from the rates and charges it charges its member agencies for constructing and operating the water facilities that provide the member agencies with their water needs.

Each debt issue of the Water Authority has a CUSIP number that allows the public to identify each particular issue. Each issue has a 6-digit “CUSIP-prefix” number. Each maturity of the issue then has its own identifying 9-digit “CUSIP” number, which is the 6-digit CUSIP-prefix for that issue plus 3 additional identifying digits. The following are the 6-digit CUSIP-prefix numbers for each debt issue:

The Water Authority’s Series 1998, 2005, and 2008 Water Revenue Certificates of Participation issues have the same 6-digit CUSIP-prefix number as follows:       797415

The Series 2010 Water Revenue Bonds issue has a 6-digit CUSIP-prefix number as follows:       79741T

The Series 2011A & B, 2013A, 2015A, and 2016A & B Water Revenue Refunding Bonds issues, and the Series 2016S-1 Subordinate Lien Water Revenue Refunding Bonds have a 6-digit CUSIP-prefix number as follows:      797412

The Series 2012 Water Furnishing Revenue Bonds (Pipeline and Plant), have a 6-digit CUSIP-prefix number as follows:       13054W

Each series of the Tax-Exempt Commercial Paper Program has its own 6-digit CUSIP numbers as follows:              

Series 1 (ECP): 79742X
   
Series 8: 79742K
   
Series 9: 79741U