What it is
For each system on your list: what it reported to its regulator, how much of that figure the regulator’s form supplied because the utility did not measure the component, and whether its series moves so much that this year’s figure tells you nothing about next year’s.
The middle one is not available anywhere else. Only TWDB, of the regulators here, publishes per filing which components were measured and which were filled in with a default. It is on every Texas filing and nothing reads it back out.
What you hand us
An issuer list, a CUSIP list, or the criteria that define the portfolio. Matching an issuer to the system that filed is work we do — the same utility is filed under different names and different identifiers by different agencies, and that match is not automatic.
What you get back
One row per system per filing year, with the reported figure, the defaulted share where the regulator publishes one, a stability flag, and the archived file and cell behind each. Re-run when the regulator publishes.
What it is built from
Each state regulator’s published water loss filings, archived as published. See what we assemble, and where it comes from.
What it does not do
This is not a rating, not a credit opinion, and not investment advice. It reports what a system filed and how much of it was measured. It says nothing about the security, the covenant, the issuer’s willingness to pay, or whether the bonds are worth buying. Those are your judgment and this is one input to it.
It does not mark a filing as passing or failing. The source documents cannot settle that, and a verdict we cannot support is a verdict we do not publish.
It does not cover every state. The defaulted share exists only where a regulator publishes the flag, and where none does the column is absent rather than estimated.