Earlier this week OC San successfully sold $134 million of Wastewater Refunding Revenue Obligations.
By refunding existing debt with into fixed rate, we initially anticipated a net present value savings of $7 million. However, due to the attractiveness of our bonds, we had some aggressive bidders, and our savings were closer to $7.5 million.
This favorable rate was due in great part to OC San’s strong financial condition demonstrated by our AAA bond rating by Fitch, Moody’s, and Standard and Poor's.
OC San is the only California utility with a AAA rating from all three major rating agencies.
OC San is continually seeking efficiencies to ensure that the public’s money is wisely spent, and this is just one more way we are doing so.
