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EMWD Customers Benefit From Financial Strength Backed By Upgraded Ratings

EMWD Customers Benefit From Financial Strength Backed By Upgraded Ratings

March 28, 2024

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Eastern Municipal Water District (EMWD) has been assigned an Aa1 rating by Moody’s Investors Service, marking the second time in a week that a major rating agency has upgraded EMWD’s financial outlook.

EMWD had previously been assigned an Aa2 rating by Moody’s. The rating upgrade applies to approximately $346 million in outstanding obligations rated by Moody’s.

In announcing the upgraded rating, Moody’s cited EMWD’s history of strong financial performance, including through prolonged droughts, and its diversified water supply portfolio and industry-leading rate structure and capital improvement planning.

A week earlier, S&P Global Ratings raised EMWD’s long-term rating on water and wastewater revenue bonds to AAA from AA+. S&P also assigned its AAA/A-1 rating to EMWD’s Series 2024A refunding water and wastewater revenue bonds.

EMWD’s strong financial standing is a direct result of its proactive commitment to fiduciary responsibility, which helps it secure grants and loans opportunities from federal, state and local funding agencies. In the past two decades, EMWD has secured more than $700 million in external funding opportunities to advance water, wastewater, and recycled water infrastructure projects and programs.

EMWD’s success at securing grants and loans, and its exceptional credit ratings, enable it to secure more cost-effective financing, leading to lower costs passed along to its current and future customers.

“EMWD is appreciative of the recognition of our financial practices that these upgraded ratings represent,” EMWD Board President Phil Paule said. “Our Board of Directors and dedicated staff are fully committed to establishing policies that are in the best interest of our customers through sound financial management and investments.”

Eastern Municipal Water District is the water, wastewater service and recycled water provider to nearly one million people living and working within a 601-square mile service area in western Riverside County and northern San Diego County. It is California’s sixth-largest retail water agency, and its mission is “To deliver value to our diverse customers and the communities we serve by providing safe, reliable, economical and environmentally sustainable water, wastewater and recycled water services.” More information can be found at

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