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3/10/26, 9:55 AM Santa Ana Financing Authority, CA Water Revenue B I S&P Global Ratings <br />Explore S&P Q <br />S&P Global �;; EN Q Support n Login <br />Global Search <br />Ratings Products v Research v Credit Ratings v Events v F <br />31-Oct-2025 1 12:42 EDT <br />Santa Ana Financing <br />Authority, CA Water Revenue <br />Bond Outlook Revised To <br />Negative On Weakened <br />Liquidity <br />View Analyst Contact Information <br />• S&P Global Ratings revised its outlook to negative from stable and affirmed <br />its 'AA' long-term rating on Santa Ana Public Financing Authority, Calif.'s <br />existing water revenue bonds, issued on behalf of the city of Santa Ana. <br />• The outlook revision reflects the water system's reduced available liquidity <br />in fiscal 2024 to about 32 days' cash on hand. We understand liquidity will <br />improve to sufficient levels in the near term as the city considers rate <br />adjustments. However, we could lower the rating over the next two years if <br />liquidity is not replenished to projected levels based on the upcoming rate <br />plan. <br />https://www.spglobal.com/ratings/en/regulatory/article/-/view/type/HTM L/id/3470161 1 /7 <br />