Moody’s Investors Services Downgrades Central Basin Municipal Water District’s COP’s; Outlook Classified as ‘Negative’

By Brian Hews

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.

Related articles

• Gilbert Cedillo Jr. Relieved of Duties at Central Basin Water District (loscerritosnews.net)
• Central Basin Nixes $350K in Proposed Contracts to Ex-Senator Polanco and Sacramento Firm (loscerritosnews.net)
• Central Basin Water District Paid $22K for Gilbert Cedillo Jr. College Expenses (loscerritosnews.net)
• Hews Media-Community News Publishes Central Basin Water Lawsuit Against Pacifica Services (loscerritosnews.net)
• PR disaster – Central Basin Municipal Water District paid $200,000 for positive “Google News” stories (nextlevelofnews.com)
• Central Basin Water Directors Form Committee to ‘Evaluate’ Newly Hired General Manager (loscerritosnews.net)
• Commerce Employee Set to Cash in on City Council Relationships (loscerritosnews.net)