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The Zone 7 Water Agency recently announced that it had received the highest possible bond rating from Fitch Ratings, which could lead to lower interest rates when the agency looks at borrowing funds in the future.
Zone 7 was one of 12 water agencies in California that received the AAA rating from Fitch, according to a Sept. 29 press release. Zone 7 also previously received a AAA credit rating in 2023 from Standard & Poor’s (S&P) Global Ratings.
“We are extremely proud of receiving Fitch’s highest rating,” Zone 7 Board of Directors President Kathy Narum said in the Zone 7 press release. “Paired with the S&P ‘AAA’ rating, this demonstrates the agency’s commitment to operating in a transparent, cost-effective, and efficient manner.”
In its report detailing the reason for the high rating, Fitch Ratings noted Zone 7’s “exceptionally low leverage and strong operating risk profiles”, along with how well the agency is positioned to “absorb potential increases in leverage if financing becomes necessary for large capital projects in the future”.
“This (rating) upgrade reflects the board’s leadership and our staff’s commitment to strong financial practices and maintaining a resilient water supply portfolio,” Zone 7 General Manager Valerie Pryor said in the press release.
The water agency also stated in its release that the top ratings help establish Zone 7 as “one of the most financially resilient and well-managed water agencies in the state”.
“These positive rating actions allow Zone 7 to borrow funds at lower interest rates, making it possible to finance important infrastructure projects more affordably,” Narum said.
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