RIVERSIDE, CA – Western Municipal Water District (Western) recently announced that Fitch Ratings upgraded its credit rating from AA to AA+, and revised the rating outlook from Stable to Positive.
“Western prides itself in using customer dollars responsibly to build, monitor and maintain the systems that deliver water and sewer services, today and always,” said General Manager Craig Miller.The upgraded credit rating is considered strong by all standards and is held by only a limited number of water agencies in California. Securing a higher credit rating means Western will pay less for the money it borrows on the public markets to pay for infrastructure projects such as system upgrades, new facilities, and water pipeline replacements.
“As consumers, we’re familiar with the concept of a credit score, whereby lending institutions like banks and credit unions decide on the credit worthiness of borrowers. The same concept, albeit on a much larger scale, is also true for Western,” said Finance Director Kevin Mascaro. “Because of Western’s conservative investment policies and responsible fiscal stewardship, Western is as protected as it can be even as markets rapidly fluctuate during this unprecedented pandemic,” continued Mascaro.
Western continues to be recognized nationally for its financial reporting practices. Western recently received their 14th consecutive Certificate of Achievement for Excellence in Financial Reporting from the Government Finance Officers Association (GFOA). The program awards state and local governments who go beyond the minimum requirements of generally accepted accounting principles to prepare comprehensive annual financial reports that evidence the spirit of transparency and full disclosure.
Western has also received the Excellence in Budgeting Award from the California Society of Municipal Finance Officers.
Learn more about Western’s financial policies and practices at wmwd.com/FinancialPolicies.
Western Municipal Water District is one of the largest public agencies in Riverside County, providing water and wastewater (sewer) services to nearly a million people, both retail and wholesale customers who live, work and play within 527-square miles in one of California’s most populous regions. Learn more: wmwd.com.