Anaheim Public Utilities’ water and electric systems have received high marks for long-term bonds from Fitch Ratings and Standard &Poor’s (S&P) ratings services, two leading global credit rating agencies. Fitch Ratings and S&P assigned Anaheim’s water and electric systems with ‘AAA’ and ‘AA-’ grades, respectively.
“Anaheim Public Utilities is committed to providing our residents with safe and reliable water and power services at competitive rates,” said Dukku Lee, Anaheim Public Utilities general manager. “The bond ratings allow us to move forward with essential capital infrastructure improvements to replace aging electric equipment and water mains, as well as to invest in new infrastructure to serve the growing needs of the City.”
The bonds will fund the acquisition and construction of additional electric system capital assets, water capital improvement projects, retire subordinate water revenue anticipation notes, refund a portion of the outstanding revenue bonds, and repay an outstanding state loan. Capital improvement projects include: replacement of water mains, installation of a new well, pumps, a new storage tank, rehabilitation of a 60-year old water facility, and installation of transformers, switches, cables, and high voltage electric substation equipment throughout the City.
According to the credit ratings services, Anaheim’s AAA and AA- ratings reflect credit strengths in several areas, including:
- A mature service territory with some growth
- Increasing power liquidity balances
- Changing of the power supply toward more renewable energy
- Stable source of water supply
- Stable customer base
For more information on Anaheim Public Utilities, please visit www.anaheim.net/utilities.
