Citing a stable outlook and very low operating cost burdens, Fitch Ratings has upgraded the overall credit rating of the Santa Clarita Water Agency to AA from AA-.
In addition, the rating on several debt obligations were upgraded as follows:
-$75 million in Certificates of Participation were upgraded to AA+ from AA
-$233.1 million in Revenue Bonds were upgraded to AA from AA-
In their comprehensive review, Fitch Ratings, an independent credit rating agency, has concluded that the Agency has a very strong capacity for payment of financial commitments, and is not significantly vulnerable to foreseeable events.
“The rating upgrade recognizes our very strong capacity for payment of financial commitments,” said Gary Martin, President of SCV Water Board of Directors. “At SCV Water, we work hard to be good stewards of our ratepayer’s money, and this rating means lower interest rates for us when we do need to turn to financing for certain capital improvement projects.”
This rating affirms the Agency’s capacity to absorb the additional debt issuance planned to implement the agency’s fiscal 2022-2026 capital improvement plan (CIP) and will allow SCV Water to continue to secure the best available interest rates for future debt financing requirements to meet infrastructure needs.
Projects in the CIP will address pipeline repair and replacement, emergency storage, and recycled water programs, as well as treatment to restore water capacity from wells closed due to PFAS contamination. The anticipated CIP totals $420 million, which SCV Water expects to fund with available reserves, pay as you go revenue from water rates, State and Federal grants and low interest loans, recovery of costs from responsible parties in groundwater contamination litigation, as well as an additional $175 million in debt.
Residents throughout the city of Santa Clarita regularly take advantage of the miles of paved off-street trails available for walking, running and cycling safely without having to worry about the hazards posed by vehicle traffic.
The city of Santa Clarita is hosting a free document shredding event for all Santa Clarita residents on Saturday, Aug. 20, from 9 a.m. to 1 p.m. at the Centre’s lower parking lot, located at 20880 Centre Pointe Parkway.
As part of his legislative package calling on accountability, transparency, and integrity in the state government's procurement process, Senator Scott Wilk, R-Santa Clarita, announced Senate Bill 1271 (SB 1271) passed out of the Assembly Appropriations Committee on Aug. 11.
Princess Cruises today announced updated COVID-19 protocols and guidelines, removing the vaccine requirement for most voyages of less than 16 days so that anyone can cruise and adjusting pre-travel testing requirements to make it less complicated.
Historically, California has been the most wildfire prone state in the United States. In 2021, the California Department of Forestry and Fire Protection, reported over 4,000 fires that burned 60,507 acres across the state.
The California Department of Transportation announces overnight full closures of Interstate 210 in the San Fernando Valley for striping and staging of a temporary lane configuration for a paving project.