>> we are ataa. we are at

>> we are ataa. we are at -- we are at aa. commissioner torres: we do not have to borrow money at the same high rate as the state of california? >> that is a great question. there is a whole page on that in at report, to highlight how we are being efficient and effective on our financial metrics, so we do have a portion on that. i think folks will be surprised, because our average cost of borrowing is really less than what construction inflation has been, so being able to borrow now, what we sold bonds last time -- like we sold bonds last time -- the market right now is somewhere in the mid to high fours. commissioner torres: i think it is important to not only concentrate on conservation efforts lead to lower rates but also that we are not be penalized because of our bond rating. there is the increased cost, which adds to the debt to california, now $28 million, and increasingly in and day out. -- and increasing day in and day out. >> moody's just confirm our reading. even -- our rating. they knew this commission and also the