SOUTH COUNTY –
A credit rating company has upgraded the Otay Water District's financial rating, a move district officials say could save as much as $1.5 million.
Fitch, one of three credit-rating companies, informed the district last week that its rating had gone from A to AA. The higher rating means the district will pay less interest on $42 million in bonds it is about to issue for several construction projects, said Joe Beachem, chief financial officer for the district.
The projects include two 10 million-gallon reservoirs and a pump station and reclamation pipeline that will connect the Otay district to the city of San Diego's water reclamation plant. Otay serves about 189,000 people in southeastern San Diego County, including Chula Vista, Bonita, Rancho San Diego, Jamul and Spring Valley.
