TITLE

Calif. DWR Power Bonds on Negative Watch

AUTHOR(S)
Finestone, Deborah
PUB. DATE
May 2003
SOURCE
Bond Buyer;5/16/2003, Vol. 344 Issue 31637, p1
SOURCE TYPE
Trade Publication
DOC. TYPE
Article
ABSTRACT
Standard & Poor's put the BBB-plus rating for $11.2 billion in power purchase revenue bonds sold in the year 2002 by the California Department of Water Resources (DWR) on CreditWatch with negative implications. The action followed the announcement that the agency plans to reduce ratepayer bills by $1 billion through reserves. The DWR issued the debt to repay the state and private banks for money borrowed to purchase power for 10 million customers of investor-owned utilities during the state's energy crisis.
ACCESSION #
9893093

 

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