Fitch Rates Olivenhain MWD, CA's Series 2015 Water Revenue Bonds 'AAA'; Outlook Stable
--$21.9 million outstanding OMWD water system refunding revenue bonds, series 2015A.
The Rating Outlook is Stable.
The bonds were sold in August 2015 to refund outstanding bonds for debt service savings. Fitch did not initially rate the transaction.
The bonds are secured by a first lien on net district water revenues after payment of operations and maintenance expenses on par with the recently rated refunding revenue bonds, series 2016A.
Please refer to press release titled 'Fitch Upgrades Olivenhain MWD (CA)'s Water Revenue Bonds to 'AAA' from 'AA+'; Outlook Stable' dated September 7, 2016