WSSC Again Receives AAA Ratings from All Three Financial Rating Agencies
$382 Million Bonds Competitively Sold to Bank of America Merrill Lynch
OFFICE OF COMMUNICATIONS AND COMMUNITY RELATIONS
FOR IMMEDIATE RELEASE
LAUREL, MD – December 2, 2016: WSSC once again earned AAA bond ratings from all three financial rating agencies: Fitch Ratings, Standard & Poor’s and Moody’s Investor Service.
According to Fitch Ratings, the AAA rating is a reflection of WSSC’s “strong financial record through the last economic downturn, a low liability burden and considerable financial flexibility.” Fitch further notes WSSC’s “extraordinary revenue-raising capacity… water-sewer rates and fees alone have funded district financial operations, including debt service since WSSC's inception, providing considerable future flexibility should it be needed.”
“Our approach to fiscal responsibility and professional budgeting practices is once again validated,” said WSSC General Manager and CEO Carla A. Reid. “I commend CFO Joe Beach and the entire WSSC financial team in helping maintain WSSC’s high financial standards. Maintaining this exceptional rating from all three agencies means WSSC can secure the lowest possible interest rates on our capital borrowing, ultimately saving our customers money.”
In November WSSC competitively sold $382 million in bonds to Bank of America Merrill Lynch. The bonds will fund a variety of capital projects, including replacing aging water main lines and upgrading our water and wastewater treatment plants.
Established in 1918, today WSSC is among the largest water and wastewater utilities in the nation. We proudly serve the 1.8 million residents of Prince George’s and Montgomery counties, providing life’s most precious resource. WSSC drinking water has always met or exceeded federal standards.