EBMUD credit ratings

The credit ratings listed below have been assigned to EBMUD’s financings by Moody’s Investors Service, Standard & Poor’s, and/or Fitch Ratings. For definitions of the individual ratings, please consult the rating agencies.

Long-term, fixed-rate bonds carry long-term ratings. Generally, these ratings reflect the rating agency’s opinion of EBMUD's credit over the long term. The Extendable Commercial Paper carries short-term ratings, which reflect the rating agency’s opinion of the District’s credit strength in the near term. Variable rate bond issues may be assigned both a long-term and a short-term rating. Ratings reflect not just EBMUD's credit strength, but also the legal security incorporated into the bond documents. When both long- and short-term ratings are assigned, they are shown as “long-term/short-term”. For example, a variable rate bond issue might have a AAA long-term rating and an A-1+ short-term rating from Standard & Poor’s. This would be indicated in the table below as AAA/A-1+.

 

Water System (as of May 2017)

 Moody’sStandard & Poor’sFitch

Water Revenue Bond Rating

Aa1

AAA(SPUR)

Revenue Bonds, Series 2017A (Green Bonds)

Aa1 AAA AA+

Revenue Refunding Bonds, Series 2017B

Aa1 AAA AA+

Revenue Refunding Bonds, Series 2015A

Aa1 AAA AA+
Revenue Bonds, Series 2015B (Green Bonds) and 2015C Aa1 AAA AA+
Refunding Bonds, Series 2014A Aa1 AAA AA+
Refunding Bonds, Series 2014B Aa1 AAA AA+
Revenue Bonds, Series 2014C Aa1 AAA AA+

Revenue Refunding Bonds, Series 2013A

Aa1

AAA

AA+

Revenue Refunding Bonds, Series 2012A

AAA

AA+

Revenue Refunding Bonds, Series 2012B

Aa1

AAA

AA+

Revenue Refunding Bonds, Series 2010A

Aa1

AAA

AA+

Revenue Bonds, Series 2010B (Build America Bonds)

Aa1

AAA

AA+

Revenue Refunding Bonds, Series 2008A-1, A-2, A-3

Aa1/VMIG 1

AAA/A-1+

Revenue Refunding Bonds, Series 2008A-4

Aa1/VMIG 1

AAA/A-1+

Commercial Paper - Water

P-1

NA/A-1+

Wastewater System (as of May 2017)

 Moody’sStandard & Poor’sFitch

Wastewater Revenue Bond Rating

Aa2

AAA(SPUR)

Revenue Bonds, Series 2017A Aa2 AAA AA+
Revenue Refunding Bonds, Series 2015A and 2015B Aa2 AAA AA+
Revenue Refunding Bonds, Series 2014A and 2014B
(Federally Taxable)
Aa2 AAA AA+

Revenue Refunding Bonds, Series 2012A

AAA

AA+

Revenue/Refunding Bonds, Series 2010A and 2010B
(Taxable Build America Bonds)

Aa2

AAA

AA+

Extendable Commercial Paper - Wastewater

P-1

NA/A-1+

F1+

Wastewater System General Obligation Bonds

 Moody’sStandard & Poor’sFitch

General Obligation Refunding Bonds, Series G

Aa1 AAA

Contact

Travis George
EBMUD Debt Administrator 
Email: Travis.George@ebmud.com 
510-287-0441