Home Press Releases Mesa Water Receives Best In Class Credit Ratings For Top Financial Performance Mesa Water Receives Best In Class Credit Ratings For Top Financial Performance Posted: Friday, May 15, 2020 The AAA Credit Ratings Enable the District to Save Ratepayer Money and Reduce Costs While Increasing the District’s Service and Supply Reliability COSTA MESA, Calif.; May 15, 2020 – As an industry leader in efficiency and fiscal responsibility, Mesa Water District (Mesa Water®) is pleased to announce its renewed AAA credit rating -- the highest achievable by an organization -- from Standard & Poor’s (S&P) and Fitch rating agencies. The coveted ratings are based on Mesa Water’s operational effectiveness and efficiencies, including excellent financial management practices, as evidenced by the use of long-term financial and capital planning, an economical water rates structure, and the implementation of a strong financial policy framework. AAA ratings are the platinum standard in finance and allow Mesa Water to save ratepayer money by borrowing funds at the lowest possible interest rate for infrastructure improvements. “Mesa Water’s management and credit quality is best in class,” according to S&P’s May 15, 2020, Credit Report. The remarkable ratings reaffirm the Mesa Water Board of Directors’ (Board) and staff’s proactive planning and strong focus on operational efficiency, positioning the District to maintain its high standards for operations and customer service. Mesa Water is one of the most efficient water agencies with the lowest expenditures per capita of any water district in Orange County ($334 per person vs. the highest at $690). At its regularly scheduled May 14 Mesa Water Board meeting, the Board approved the budget for fiscal year 2021, continuing to position the District as financially sound and efficient, despite the challenges faced by the global COVID-19 pandemic that has affected the economy. Mesa Water’s Board approved a three-year $70MM Capital Improvement Program funded through Certificates of Participation. Through 2023, Mesa Water will construct two new wells to increase local water production capacity, and invest in pipeline integrity testing to ensure economical and timely replacement for continued reliable service of high-quality water to customers. Mesa Water District Board of Directors “This program continues Mesa Water’s key objective of providing a safe, abundant, and reliable water supply to our ratepayers at an affordable price, for generations to come,” explains Mesa Water Board President, Shawn Dewane. “The dollars financed will stimulate our local economy and take advantage of historically low-interest rates,” he adds. The Mesa Water Reliability Facility (MWRF) allows the District to serve 100% local reliable groundwater that is higher quality and lower in cost than water imported from the Colorado River and Northern California. In FY 2021, the MWRF is expected to supply about 23 percent of the District’s potable (drinking) water service. Budget decisions are based on detailed analyses of Mesa Water’s management, technology, and operational practices. Mesa Water periodically benchmarks its performance compared to other agencies to ensure that customers receive full value for the rates charged. The Mesa Water credit reports from Fitch and S&P are available on their respective websites. 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.
The AAA Credit Ratings Enable the District to Save Ratepayer Money and Reduce Costs While Increasing the District’s Service and Supply Reliability COSTA MESA, Calif.; May 15, 2020 – As an industry leader in efficiency and fiscal responsibility, Mesa Water District (Mesa Water®) is pleased to announce its renewed AAA credit rating -- the highest achievable by an organization -- from Standard & Poor’s (S&P) and Fitch rating agencies. The coveted ratings are based on Mesa Water’s operational effectiveness and efficiencies, including excellent financial management practices, as evidenced by the use of long-term financial and capital planning, an economical water rates structure, and the implementation of a strong financial policy framework. AAA ratings are the platinum standard in finance and allow Mesa Water to save ratepayer money by borrowing funds at the lowest possible interest rate for infrastructure improvements. “Mesa Water’s management and credit quality is best in class,” according to S&P’s May 15, 2020, Credit Report. The remarkable ratings reaffirm the Mesa Water Board of Directors’ (Board) and staff’s proactive planning and strong focus on operational efficiency, positioning the District to maintain its high standards for operations and customer service. Mesa Water is one of the most efficient water agencies with the lowest expenditures per capita of any water district in Orange County ($334 per person vs. the highest at $690). At its regularly scheduled May 14 Mesa Water Board meeting, the Board approved the budget for fiscal year 2021, continuing to position the District as financially sound and efficient, despite the challenges faced by the global COVID-19 pandemic that has affected the economy. Mesa Water’s Board approved a three-year $70MM Capital Improvement Program funded through Certificates of Participation. Through 2023, Mesa Water will construct two new wells to increase local water production capacity, and invest in pipeline integrity testing to ensure economical and timely replacement for continued reliable service of high-quality water to customers. Mesa Water District Board of Directors “This program continues Mesa Water’s key objective of providing a safe, abundant, and reliable water supply to our ratepayers at an affordable price, for generations to come,” explains Mesa Water Board President, Shawn Dewane. “The dollars financed will stimulate our local economy and take advantage of historically low-interest rates,” he adds. The Mesa Water Reliability Facility (MWRF) allows the District to serve 100% local reliable groundwater that is higher quality and lower in cost than water imported from the Colorado River and Northern California. In FY 2021, the MWRF is expected to supply about 23 percent of the District’s potable (drinking) water service. Budget decisions are based on detailed analyses of Mesa Water’s management, technology, and operational practices. Mesa Water periodically benchmarks its performance compared to other agencies to ensure that customers receive full value for the rates charged. The Mesa Water credit reports from Fitch and S&P are available on their respective websites. 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.
