Standard & Poor's Ratings Services said it raised its long-term rating to A from A-minus on Madera Irrigation District, Calif.'s water revenue refunding bonds.
The outlook is stable.
"The raised rating reflects our view of the district's strong financial performance despite challenging drought conditions, and improved liquidity position," said Standard & Poor's credit analyst Tim Tung.
The district is located in Madera County about 172 miles southeast of San Francisco. The service area encompasses over 200 square miles, including about two-thirds of Madera.
