Pasadena Water and Power Bonds Receive ‘AA’ Rating

Historic Pasadena Water and Power fountain (Photo – W.K.)

Pasadena Water and Power (“PWP”) received an ‘AA’ rating, with a stable outlook, from Fitch Ratings (Fitch) and S&P Global (S&P) for the electric revenue and refunding bonds series issued by the City of Pasadena on behalf of PWP. In addition, Fitch assessed PWP’s standalone credit profile at ‘AA’.

By News Desk

The ‘AA’ rating reflects PWP’s very strong financial profile maintained over the past five years with continued stable operating performance. Fitch also referenced PWP’s very strong revenue defensibility, rate flexibility, and strong service territory characteristics.

S&P Global points to PWP’s competitive rates and the future flexibility to meet environmental requirements without negatively influencing the utility’s market position. S&P confirmed that the utility’s well-embedded management practices resulted in a stable operational and financial risk profile, and believe the utility has strong management, robust liquidity, and rate flexibility.

David Reyes, General Manager of Pasadena Water and Power, said “This rating reflects Pasadena’s sound business practices, and our dedication to ensuring customers can rely on PWP to deliver high-quality services at competitive rates.”

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.