WSSC Bonds Receive “AAA” Ratings
Finance Office Also Receives Industry Recognition for 21st Consecutive Year
OFFICE OF COMMUNICATIONS AND COMMUNITY RELATIONS
FOR IMMEDIATE RELEASE
Laurel – September 22, 2015 – WSSC has earned “AAA” bond ratings by all three ratings agencies: Fitch Ratings, Standard & Poor’s and Moody’s Investor Service. Fitch Ratings said in a statement, “The 'AAA' rating primarily reflects the wealth and extraordinary diversity of Washington Suburban Sanitary Commission District's bi-county tax base, Montgomery and Prince George's counties.”
In another achievement, earlier this month, WSSC received the Government Finance Officers Association’s (GFOA) Distinguished Budget Presentation Award for the 21st consecutive year. “This award is the highest form of recognition in governmental budgeting and represents a significant achievement” by the WSSC Finance Office, the association said in a statement.
“The AAA bond ratings and GFOA award confirm our commitment to fiscal responsibility and producing a budget that is informative and transparent for our customers,” said Jerry N. Johnson, WSSC General Manager/CEO. “I commend our Finance Office for their dedication to maintaining the highest possible standards in carrying out their vital role for the Commission, and the 1.8 million residents we serve on a daily basis.”
The GFOA award was presented to the WSSC Budget Group for its Fiscal Year 2016 budget. To qualify for the award, WSSC had to meet guidelines that judge how well the budget document served as a policy document, financial plan, operations guide and communications device. Budget documents must be rated “proficient” in all four categories, as well as 14 mandatory criteria within those categories to receive the award.
The GFOA of the United States and Canada is a nonprofit professional association serving more than 17,500 governmental finance professionals throughout North America. The GFOA’s Distinguished Budget Presentation Awards program is the only national awards program in governmental budgeting.
The bond rating news comes as WSSC prepares to issue $390 million of Consolidated Public Improvement Bonds to fund capital improvement projects. That is expected next month. This will allow WSSC to continue addressing its aging infrastructure through reconstruction programs.
WSSC Water is the proud provider of safe, seamless and satisfying water services, making the essential possible every day for our neighbors in Montgomery and Prince George’s counties. We work to deliver our best because it’s what our customers expect and deserve.