Fitch Affirms AAA Bond Rating for Mesa Water District

Costa Mesa, Calif.; October 25, 2012Mesa Water District (Mesa Water) continues to be one of a small number of water districts in Orange County, and the U.S., to be affirmed with an AAA bond rating from Fitch Ratings.  The AAA bond rating is the highest available from Fitch Ratings.  The key drivers, according to Fitch, for Mesa Water’s AAA rating include:  strong finances and very strong financial performance, good rate discipline and low debt levels, strong supply position with ample water supply and import (water) independence, sound management practices, and a solid service area.

“Mesa Water’s AAA bond rating indicates that the District is in excellent financial condition due, in large part, to the Board of Director’s commitment to fiscally responsible practices,” says Mesa Water Board President Fred R. Bockmiller, Jr., P.E.  He continues, “The Mesa Water Board’s strategic plan lists several goals for ensuring strong financial and organizational performance, and the continued AAA rating demonstrates that the District’s management practices -- including long-term financial and capital planning, and the implementation of a robust financial policy framework -- are sound.”

According to a recent study comparing annual per capita expenditures, Mesa Water is one of the most efficient water districts in Orange County, and the AAA rating reflects the fiscal responsibility of the District’s Board of Directors, as well as its secure financial position, based on its dedicated, engaged and knowledgeable leadership, operational stability and strong management, and low overhead costs and debt.

 

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 Costa Mesa, a portion of Newport Beach, and John Wayne Airport. Mesa Water provides 100 percent local reliable groundwater to its customers due to the Mesa Water Reliability Facility. Visit MesaWater.org, follow @MesaWater on Facebook, Twitter, or Instagram, email, or call 949.631.1200 to learn more.