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Earlier this month S&P Global Ratings announced the long-term rating on Montecito Water District California's series 2020A water revenue refunding bonds increased to ‘AA-‘ from 'A+'. The report references a stable outlook and access to water from the City of Santa Barbara Charles E. Meyer desalination plant (through the Water Supply Agreement beginning in 2022) as materially improving water resiliency through severe drought conditions and alleviating exposure to unpredictable water allocations from the State Water Project. The rating also expresses confidence that the District will continue to produce solid and consistent financial results.
“For nearly a decade we’ve put tremendous effort into securing local, reliable water supplies and cementing regional collaboration,” said Board President Ken Coates. “The improved bond rating is strong validation that the District is on the right path with both stewardship of water resources and its fiscal responsibility.”