Moody’s Investors Service revised its outlook to stable from positive Tuesday on the Los Angeles Department of Water and Power’s Aa2-rated water system revenue bonds.

“The trajectory for credit quality improvement has slowed due to the DWP’s modestly weaker current and projected debt service coverage and somewhat lower levels of projected ongoing cash balances versus previous expectations,” Moody’s said in its release.

Subscribe Now

Independent and authoritative analysis and perspective for the bond buying industry.

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.