OMWD’s “AAA” Bond Rating Reaffirmed as Board Reduces Budget by 2.67 Percent

Encinitas, Calif. — At its meeting this evening, Olivenhain Municipal Water District’s Board of Directors approved budget cuts following confirmation of OMWD’s exceptionally strong financial profile. The board was notified that Fitch Ratings, a global rating agency that offers independent credit opinions, has reaffirmed OMWD’s “AAA” bond rating with a stable outlook, the highest possible rating assigned by Fitch. The board also approved a revised budget for Fiscal Years 2021 and 2022 that saves over $1 million versus the originally approved budget.