EBMUD Credit Ratings

The credit ratings listed below have been assigned to EBMUD’s financings by Moody’s Investors Service, Standard & Poor’s, and/or Fitch Ratings. For definitions of the individual ratings, please consult the rating agencies.

Long-term, fixed-rate bonds carry long-term ratings. Generally, these ratings reflect the rating agency’s opinion of EBMUD's credit over the long term. The Extendable Commercial Paper carries short-term ratings, which reflect the rating agency’s opinion of the District’s credit strength in the near term. Variable rate bond issues may be assigned both a long-term and a short-term rating. Ratings reflect not just EBMUD's credit strength, but also the legal security incorporated into the bond documents. When both long- and short-term ratings are assigned, they are shown as “long-term/short-term”. For example, a variable rate bond issue might have a AAA long-term rating and an A-1+ short-term rating from Standard &Poor’s. This would be indicated in the table below as AAA/A-1+.

Water System (as of March 2014)

  Moody's Standar & Poor's Fitch

Water Revenue Bond Rating

Aa1

AAA(SPUR)

--

Revenue Refunding Bonds, Series 2013A

Aa1

AAA

AA+

Revenue Refunding Bonds, Series 2012A

--

AAA

AA+

Revenue Refunding Bonds, Series 2012B

Aa1

AAA

AA+

Revenue Refunding Bonds, Series 2011A-1  and 2011A-2

--

AAA

--

Revenue Refunding Bonds, Series 2010A

Aa1

AAA

AA+

Revenue Bonds, Series 2010B (Build America Bonds)

Aa1

AAA

AA+

Revenue Refunding Bonds, Series 2009A-1 and 2009A-2

Aa1/VMIG 1

AAA

AA+/F1+

Revenue Refunding Bonds, Series 2008A-1, A-2, A-3

Aa1/VMIG 1

AAA/A-1+

--

Revenue Refunding Bonds, Series 2008A-4 and 2008B-3

Aa1/VMIG 1

AAA/A-1+

--

Revenue Bonds, Series 2007A and 2007B

Aa1

AAA

AA+

Revenue Bonds, Series 2005A

Aa1

AAA

AA+

Extendable Commercial Paper - Water

P-1

NA/A-1+

F1+

 

 

Wastewater System (as of March 2014)

  Moody's Standard & Poor's Fitch

Wastewater Revenue Bond Rating

Aa2

AAA(SPUR)

--

Revenue Refunding Bonds, Series 2012A 

--

AAA

AA+

Revenue Refunding Bonds, Series 2011A

Aa2/VMIG1

AAA

AA+/F1+

Revenue/Refunding Bonds, Series 2010A and 2010B
(Taxable Build America Bonds)

Aa2

AAA

AA+

Revenue Refunding Bonds, Series 2008C

Aa2/VMIG 1

AAA/A-1+

--

Revenue Bonds, Series 2007A and 2007B

Aa2

AAA

AA+

Extendable Commercial Paper - Wastewater

P-1

NA/A-1+

F1+

 

  Moody's Standard & Poor's Fitch

Wastewater System General Obligation Bonds

     

General Obligation Refunding Bonds, Series G

Aa1

AAA

--

 

For more information please contact Dari Barzel, EBMUD Debt Administrator, sbarzel@ebmud.com, 510-287-0248.

 

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