Camrosa District Gets Upgraded Financial Rating

Standard & Poor’s CreditWire has upgraded its financial rating of the Camrosa Water District, which serves parts of Camarillo and a nearby unincorporated area.

The service revised the rating for the district’s revenue certificates of participation series 1995 to stable from negative, assigning the instruments a single-A. The certificates were issued for water and waste water systems improvement projects.

Camrosa mainly serves eastern Camarillo and the Santa Rosa Valley.

The revision is based on a stabilization of operations after uncertainties resulting from a recall of the district’s directors in 1991.

The area served by the water district “is emerging into a wealthy, suburban community from a predominantly agricultural region,” Standard & Poor’s said.

The service said Camarillo “is composed of professionals [average household income $53,000] and retirees. Home prices are high, at about $205,000, and assessed valuation of property has increased steadily, over 17%, between 1991 and 1995.”