OREANDA-NEWS. S&P Global Ratings Services raised its rating to 'AA' from 'AA-' on Lake Arrowhead Community Services District, Calif.'s existing certificates of participation (COPs.) At the same time, S&P Global Ratings assigned its 'AA' rating to the district's series 2016 water and wastewater refunding revenue bonds. The outlook is stable.

"The rating reflects, in our opinion, the combination of a very strong enterprise risk profile and an extremely strong financial risk profile," said S&P Global Ratings credit analyst Chloe Weil.

The series 2016 bonds will advance refund the district's series 2009 COPs for debt service savings, and will be on parity with the district's state loan in the outstanding amount of $5.4 million.

The district encompasses about 15 square miles and is in an unincorporated area of San Bernardino County in the San Bernardino Mountains, about 75 miles east of Los Angeles and 23 miles north of the City of San Bernardino. As a resort area, the district estimates that population in the Lake Arrowhead area is about 12,000 for permanent population, with holiday and weekend populations exceeding 40,000.