Fitch affirms Alisal Water

Fitch Ratings said it affirmed Alisal Water Corp.'s (Alco) long-term issuer default rating at BB- and Alco's senior secured bonds at BB+.

Additionally, an RR1 rating has been assigned to the senior secured bonds and reflects Fitch's expectation for outstanding recovery for the debt security in the event of default.

The outlook is stable.

“Alco's ratings are restricted by the utility's small scale of operations,” the agency said in a news release.

“Operating EBITDA and FFO have been less than $2 million per year and $4 million per year, respectively over the past few years.”

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