Published: Jun 28, 2013 | 21:09 PM

IRWD Receives Top Bond Ratings; Helps Keep Customer Rates Low

The Irvine Ranch Water District has received top bond ratings from Standard and Poor’s and Moody’s ratings firms, which allows the District to finance future capital improvement and infrastructure projects at low interest rates. Securing low interest rates for infrastructure projects allows IRWD to continue to provide its customers with high quality, reliable water supplies while keeping rates low and stable.

“We are very pleased with the confidence the rating agencies have indicated in IRWD,” said Debby Cherney, Director of Finance.  “As a result, we were able to issue the bonds at historic low interest rates. This benefits our ratepayers by keeping their rates among the lowest in Orange County.”

Standard and Poor’s granted IRWD a AAA long-term rating for its $175 million taxable Build America Bond issue. Moody’s assigned an Aa1 rating to IRWD. Both firms cited IRWD’s strong financial performance and management, characterized by long-term capital planning, as a key component in IRWD securing favorable ratings.

Issuance of the bonds will help to finance a wide variety of projects over the next three years, including improvements to the Michelson Water Recycling Plant, biosolids treatment and disposal, water supply reliability projects, and the Natural Treatment System, which treats urban runoff.

Please visit the Finance section of IRWD website for more information about IRWD’s budget and financial planning.