The East County Advanced Water Purification Joint Powers Authority in Santee received an AA rating from U.S. credit agency Fitch Rating. The cost of the program, still under construction, is approximately $950 million.
The finance plan includes $766 million in low-interest loans, $62 million in grants, and $122 million in additional grants and/or loans.
Fitch assigned the AA rating to $415 million of interim notes that will be issued to finance the design and construction of the East County Advanced Water Purification Program. The East County AWP Program will create a local, clean, safe and drought-proof drinking water supply using state-of-the-art technology to purify East San Diego County’s recycled water. In 2020, Fitch Ratings assigned an AA rating to a $395.8 million Water Infrastructure Finance and Innovation Act loan. Fitch affirmed that rating in 2024 as well.
“The AA rating from Fitch represents the JPA’s strong financial profile and provides a positive signal to potential investors,” said Padre Dam’s Chief Finance Officer, Karen Jassoy in a press release.
The East County AWP Program will produce up to 30 percent of East County’s drinking water supply once it goes online in 2026. The JPA members will send wastewater flows to the project and the JPA will sell the drinking water produced by the Program to Padre Dam and Helix Water District.
For more information about the East County Advanced Water Purification Program, visit www.eastcountyawp.com.
