Municipal Market Update - California Utilities
The California water utility universe is diverse both in size and scope, ranging from state agencies which provide statewide infrastructure to facilitate delivery and storage, to both regional and local entities which deliver it to intermediate or final customers. Many of these credits also operate electric utilities and issue bonds backed by both or either revenue stream. In addition, wastewater treatment facilities are sometimes funded by bonds backed solely by sewer fee revenue. Utility credits, in
general, have traditionally been considered very safe by the nature of their near monopoly status, essentiality of service, and ability to raise rates. In this context, water has been considered the marginally better credit as it is more essential, is less subject to competition, and has fewer impediments to raising rates. Bonds issued by the same agency backed solely by the electric revenue stream are usually rated one to two levels lower as a result.
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SEC 2018 ADV Filing for
Smith Affiliated Capital

- March 31, 2018 Filing


"Fed's Dominance Prevails"
- February, 2018

"The State of Financial Markets"
- January, 2018

"A Dove vs Hawk Standoff"
- December, 2017