PWP Receives Affirmed Ratings From Both Fitch Credit and S&P Global
Fitch Ratings (“Fitch”) is a nationally recognized statistical rating organization designated by the U.S. Securities and Exchange Commission. The organization is a credit rating agency that reviews the viability of investments and assesses an entity’s ability to meet financial commitments.
On June 25, Pasadena Water and Power (“PWP”) received an ‘AA’ rating for the standing electric system revenue bonds issued by the City of Pasadena on behalf of PWP. Fitch also issued an ‘AA’ rating to PWP for its standalone Credit Profile. On June 30, PWP was pleased that Fitch affirmed its Water Revenue Bonds at ‘AA+’ and its Ratings Outlook was improved from ‘Stable’ to ‘Positive.’
Additionally, Standard and Poor’s Global Ratings© (“S&P”) affirmed PWP water system credit rating of an “AA+. Both Fitch and S&P are nationally recognized statistical rating organizations designated by the U.S. Securities and Exchange Commission. These organizations provide credit ratings, commentary, research and analysis for organizations nationwide.
While some utilities have seen their ratings decline or their outlook lowered due to a shortfall in revenues or anticipated reductions in capital investments, PWP has successfully maintained its credit ratings, even following the economic downturn experienced a decade ago and again during the recent health crisis.
Read the Fitch Ratings Report here.