Lake McClure in Mariposa County
Credit: Merced Irrigation District file photo

October 15, 2024 - Merced Irrigation District has successfully maintained its current A+ credit rating and a stable financial outlook, continuing to benefit its customers and ensuring sound financial management. S&P Global Ratings has reaffirmed the ratings on MID’s municipal bonds, which are used to finance key electric infrastructure projects, reflecting the District’s prudent financial practices and ongoing efforts to maintain a solid financial standing. The bonds were last reviewed in 2019.

“The rating further reflects our view of the district’s favorable electric rates … which (are) 61% below PG&E’s rate,” the rating report also stated in part.

“We are pleased to have maintained our current credit rating,” said MID Chief Financial Officer Don Knapp. “This is a direct reflection of our ongoing robust fiscal policies and delivering cost-effective, reliable electric service to our community. These benefits ultimately translate to cost savings for MID customers.”

“We are proud of the financial strength and resilience we have demonstrated,” said MID General Manager John Sweigard. “Our team remains committed to operating efficiently while delivering essential services to our community with the highest standards of financial oversight. This stable financial outlook and credit rating reflect that commitment.”

MID has a longstanding history of excellence in financial management. For five consecutive years, the District has earned the Certificate of Achievement for Excellence in Financial Reporting from the Government Finance Officers Association, further validating its commitment to strong fiscal practices and transparency.

“Our priority is to continue serving our customers with the highest level of financial stewardship, ensuring long-term sustainability and reliability for all who depend on MID,” said Knapp.
Source: MID