WSSC Water Retains Coveted AAA Bond Rating
All Three Financial Agencies Highlight Utility’s Stable Financial Outlook
OFFICE OF COMMUNICATIONS AND COMMUNITY RELATIONS
FOR IMMEDIATE RELEASE
Laurel, Md. – September 1, 2020 – WSSC Water today announced it has once again earned AAA bond ratings from all three financial rating agencies, Fitch Ratings, Standard & Poor’s Global (S&P) and Moody’s Investor Service. The bond sale include $299 million in consolidated public improvement general obligation bonds and $51 million in green bonds.
All three financial firms note WSSC Water’s stable financial outlook as a key factor in assigning the utility the highest rating possible. In S&P Global’s rating overview, the firm states, “WSSC Water’s credit quality is anchored by the extremely strong management team that has historically demonstrated an ability and willingness to reduce expenditures and increase rates to maintain sufficient coverage and liquidity.”
“Securing this premier rating – especially during these financially unpredictable times – highlights our ongoing commitment to keep costs down and spend customer dollars wisely,” said WSSC Water General Manager and CEO Carla A. Reid.
Proceeds from the general obligation bonds will fund the following projects:
- Small-diameter water distribution system rehabilitation program
- Piscataway Water Resource Recovery Facility upgrades
- WSSC Water contribution to Blue Plains Advanced Wastewater Treatment Plant projects
Green bonds are issued specifically to fund projects with significant environmental benefits. The issuance of green bonds requires development of the WSSC Water Green Bond Framework documenting the specific use of the bond proceeds, the criteria and process for evaluation and selection of projects, the management of the proceeds and ongoing reporting on key performance indicators.
Proceeds from the sale of the green bonds will fund the following upgrades:
- Potomac Water Filtration Plant upgrades
- Large-diameter water distribution system upgrades
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.