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LA Press Club comments on HMG Assessor Scandal Series.
Moody’s Investors Services Downgrades Central Basin Municipal Water District’s COP’s; Outlook Classified as ‘Negative’
By Randy Economy
NEW YORK — As if the Central Basin Municipal Water District hasn’t had enough problems during the past several months.
Last Friday Moody’s Investors Service downgraded the public agency to Aa3 from Aa2.
The rating to Central Basin Municipal Water District Certificates of Participation, including the Refunding Revenue Certificates of Participation, Series 2010A; and Adjustable Rate Refunding Certificates of Participation (2007 Project), Series 2008B (LOC) both totaling approximately $53.0 million, according to Moody’s.
The COPs are ultimately secured by a senior lien on net revenues of the district, on parity with the district’s swap payments.
Moody’s claim in their new report that Central Basin Water District’s how has “a negative outlook.”
The agency is a focal point of a massive criminal probe by the Federal Bureau of Investigation during the past several weeks, as reported extensively by Hews Media Group-Community News.