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EMWD Upgraded to AAA Credit Rating

EMWD Upgraded to AAA Credit Rating

March 20, 2024

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Eastern Municipal Water District (EMWD)’s commitment to financial excellence has been recognized when it received another AAA credit rating this week by one of the major rating agencies.

S&P Global Ratings (S&P), one of the three major rating agencies, 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.

“The rating is underpinned by the district’s exceptionally strong financial profile, consistent track record of conservative budgeting and financial management, as well as its prudent approach to mitigating the short- and long-term credit risks associated with climate variability and water shortages,” S&P wrote.

By having exceptional credit ratings, EMWD is able to secure lower-cost financing for infrastructure investments, resulting in lower costs passed along to its customers.

EMWD is able to consistently secure high credit ratings because of its diverse water supply portfolio, its allocation-based rate structure, its diversified revenue sources, and its sound financial practices that include an appropriate amount of reserves and debt ratios.

EMWD is also among the national leaders in securing external funding, having received more than $700 million in grants in the past two decades. This helps further reduce financial impacts to current and future customers.

“Our Board is committed to sound financial practices that benefit our customers,” EMWD Board President Phil Paule said. “We are incredibly proud of being a AAA rated agency and in maintaining EMWD as an industry leader in government finance.”


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 www.emwd.org.

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