LAKE ELSINORE, CA. — Elsinore Valley Municipal Water District (EVMWD) is pleased to announce that Fitch Ratings has upgraded the EVMWD Financing Authority revenue bonds to ‘AA+’ from ‘AA’. This includes approximately $50.7 million refunding water revenue bonds, series 2016 A, and approximately $30.9 million refunding water revenue bonds, series 2021A. Additionally, Fitch has upgraded the district’s Issuer Default Rating (IDR) to ‘AA+’ from ‘AA’.
EVMWD’s ‘AA+’ rating is among the highest in the industry and reflects the district’s strong financial management and the reliable delivery of safe and high-quality drinking water to its customers. It is a testament to the district’s commitment to maintaining fiscal responsibility while continuing to invest in essential infrastructure projects to ensure reliable water service for its customers.
“We are proud to have received this upgrade from Fitch Ratings, and we appreciate their recognition of our financial stability and strong management,” said EVMWD Board President Andy Morris. “This upgrade reflects our commitment to providing high-quality water service to our customers and our dedication to being responsible stewards of our ratepayers’ dollars.”
Over the last eight years, EVMWD issued new bonds to pay off existing water revenue bonds before their maturity date, allowing the district to benefit from lower interest rates, reducing the cost of borrowing. The funds were used to finance water infrastructure construction and maintenance, such as treatment plants, pipelines, or reservoirs.
Fitch is among the top three international credit rating agencies and a leading provider of credit ratings, commentary, and research for global capital markets.
For more information on EVMWD and our commitment to financial stewardship, please visit our website at www.evmwd.com.
EVMWD provides service to more than 159,000 water and wastewater customers in a 97-square-mile area in Western Riverside County. The District is a sub-agency of the Western Municipal Water District and a member agency of the Metropolitan Water District of Southern California. Visit the EVMWD website at www.evmwd.com for additional information.