The Marina Coast Water District (MCWD) announced that its Standard & Poor's credit rating has been improved from A+ to AA- in recognition of its "strong financial performance, good liquidity, and strong coverage."

“The higher rating gives MCWD the ability to borrow more money through bonds at lower interest rates to pay for system upgrades and expansion to meet its service-area water supply needs,” said MCWD Board President Bill Lee in a statement.

MCWD is a partner with Monterey County Water Resources Agency and Cal Am in the Regional Water Project. Pending state permits from agencies including the Coastal Commission, these partners expect to issue bonds to finance $297 million in costs for the Regional Water Project, according to MCWD.

MCWD's specific plans also include building a desalination plant that the district says could produce 10 million gallons of water daily.