News Flash

CVWD Hot Topics

Posted on: April 5, 2021

CVWD Earns Favorable Bond Ratings

Rancho Cucamonga

The Cucamonga Valley Water District (CVWD/District) has earned an ‘AA’ rating from Fitch Ratings Inc., and a rating upgrade from AA to AA+ from S&P Global, for its outstanding water system bonds and upcoming refunding bonds. Fitch Ratings Inc. and S&P Global, are nationally recognized credit rating agencies designated by the U.S. Securities and Exchange Commission. The rating agencies have a complete span of best and worse-case scenario credit ratings for all rating categories which ranges from ‘AAA’ to ‘D’.

Strong operational management with ample water supply, proactive drought contingency plans and emergency preparedness plans, along with strong financial management practices and policies contributed to the new favorable ratings. Other contributing factors include CVWD management updating its multi-year financial projections and capital improvement plan annually along with formal policies for maintaining liquidity and protecting investments. Financial Results Reports are provided monthly and independently audited financial statements are produced annually, which are recognized by the Rating Agencies as very transparent disclosure.  

"CVWD is committed to being good stewards of our financial resources and our team continues to work diligently to maintain excellence in bond ratings,” stated CVWD Board President Randall James Reed. “These efforts help minimize loan costs and reduces overall debt which contributes to the District’s financial health, as well as keeps rates manageable for customers.”

The costs to purchase water have increased from about 25% of total operating expenses to 45%. Capital projects within the current capital improvement plan are expected to increase access to local supply and reduce purchased water costs in upcoming years. CVWD continually looks for ways to be more efficient especially when it comes to financial management. Earning and maintaining favorable credit ratings places the District in good position to further refinance debt in order to lower interest costs. Lower debt costs will allow the funding of future capital projects that ensure a reliable water supply for the community it serves.  


Facebook Twitter Email

Other News in CVWD Hot Topics

2021 Earth Day

CVWD Virtual Earth Week & Open House

Posted on: April 14, 2021
Budget Award

CVWD Awarded for Budget Excellence

Posted on: February 24, 2021
Reservoir 3A Time Lapse

Reservoir 3A Replacement Project

Posted on: February 23, 2021
Water Rates Workshop - Final for Web

Join CVWD for a Water Rates Workshop

Posted on: February 25, 2021
Proposed Rate Change Postponed

Proposed Rate Change Postponed

Posted on: June 12, 2020
CVWD Services Remain Available

CVWD Services Remain Available

Posted on: March 25, 2020
CVWD Update

CVWD Update 03-16-20

Posted on: March 16, 2020
CVWD Continues to Provide Safe Water

CVWD Continues to Provide Safe Water

Posted on: March 13, 2020
CA Water Efficient Laws

California Water Efficiency Laws

Posted on: January 3, 2020
CVWD Responds

CVWD Responds to Data Breach

Posted on: December 4, 2019

Emergency Planning a CVWD Priority

Posted on: November 8, 2018
2017 Cool Planet Recipients.jpg

Energy Efficiency Efforts Recognized

Posted on: November 2, 2017