COSTA MESA, Calif.--(BUSINESS WIRE)--Mesa Water District (Mesa Water®) has again been assigned an AAA rating from both Fitch and Standard & Poor’s ratings agencies, the highest credit rating that can be achieved by an organization. The ratings are based on Mesa Water’s industry-leading efficiency, including excellent financial management practices, strong cash position and its plan to pay off all of its outstanding debt in the coming years, all indicators of exceptional financial management according to the rating agencies.
According to Fitch Ratings (May 18, 2017), Mesa Water’s “management practices are sound, as evidenced by the use of long-term financial and capital planning, rate structure, and implementation of a strong financial policy framework. Debt service coverage has remained very strong despite the challenges faced by California water utilities during the severe recession and recent drought.”
Proactive planning and a strong focus on operational efficiency by the Mesa Water Board of Directors and staff have positioned the District to maintain its high standards for operations and customer service. Since 2011, Mesa Water has been one of the most efficient water agencies with the lowest expenditures per capita of any water district in Orange County.
The AAA credit rating allows Mesa Water to save ratepayer money by borrowing funds at a lower interest rate for capital improvements to infrastructure and local groundwater supplies. Through 2022, the District will construct two new wells to increase local water production capacity and invest in pipeline integrity testing to ensure economical and timely replacement to ensure continued reliable service of safe, high-quality water to customers.
About Mesa Water
Founded on January 1, 1960, and governed by a publicly-elected, five-member Board of Directors, Mesa Water is an independent special district that provides water service to 110,000 residents in an 18-square-mile service area that includes most of the City of Costa Mesa, parts of Newport Beach, and John Wayne Airport. Mesa Water provides nearly 100 percent local supplies to its customers due to the expansion of the Mesa Water Reliability Facility. Visit www.MesaWater.org, follow @MesaWater on Facebook, Twitter, or Instagram, or call us at 949.631.1200 to learn more.