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To provide transparency for our investors, WSSC Water provides this information on the issuance of WSSC Water bonds and other debt obligations.

WSSC Water produces an annual report on the status of all outstanding notes and bonds, and we encourage customers to review the information (links to the annual report and other reports are listed below). In addition, our debt policy is available for review to understand WSSC Water's procedures and goals better.


Bonds are issued as the Washington Sanitary Suburban District, which is a sanitary district incorporated under Chapter 122 of the Acts of the General Assembly of 1918, as amended. WSSC Water is governed by and under the jurisdiction of a commission of six members constituting a statutory body corporate under the name Washington Suburban Sanitary Commission (the "Commission"). The District operates as a public corporation of the State of Maryland under the Public Utilities Article of the Annotated Code of Maryland, as amended (the "Public Utilities Article"). Through its governing body, the Commission, it provides, as authorized, water and sewerage systems, including water supply and sewage disposal facilities for Montgomery and Prince George's counties, Maryland. The Commission is authorized to issue debt under the Public Utilities Article and includes the nature and form of debt, exemption from taxation, eligible projects for debt proceeds and debt retirement, refunding provisions, consolidation for sale provisions and other guidelines. Debt is issued as needed to finance (i) the costs of construction or reconstruction of water supply facilities, water supply lines and transmission mains, sewage disposal facilities, sewer collection mains and trunk sewers; and (ii) the costs of issuing the Bonds.


WSSC Water enjoys top bond long-term ratings from three major rating agencies:

  • Fitch Ratings, Inc. (“Fitch”): “AAA” (with a stable outlook)
  • Moody’s Investors Service, Inc. (“Moody’s”): “Aaa” (with a stable outlook)
  • Standard & Poor’s Rating Services (“S&P”): “AAA” (with a stable outlook)

These highest-level ratings reflect WSSC Water's strong service area, robust financial position, and accomplished financial management.

Recent bond sales

On February 8, 2024, WSSC Water sold $283,295,000 Consolidated Public Improvement (CPI) Bonds of 2024 and $28,345,000 Consolidated Public Improvement (CPI) Bonds of 2024 (Second Series)(Green Bonds) through competitive sale. WSSC Water received five bids for both series of Bonds, with the winning bidder for both series as Morgan Stanley & Co, LLC. The lowest true interest cost for both the CPI Bonds of 2024 and the Green Bond Series of 2024 was 3.748 percent. WSSC Water continues to issue Green Bond Series to allow investors to invest directly in bonds that finance environmentally beneficial projects (Green Projects). Visit our Green Bond Program page to learn more about these bonds. 

In a prior sale, WSSC Water sold $318,545,000 CPI Bonds of 2023 and $18,450,000 CPI Bonds of 2023 (Second Series) (Green Bonds) through two competitive sales. WSSC Water received 5 bids for both series with the winning bidder, BofA Securities, Inc., offering the lowest true interest cost for the CPI Bonds of 2023 and the Green Bond Series of 2023 as 3.760 and 3.767 percent, respectively.

WSSC Water engaged Moody’s Investors Service to assess the green financing framework for the Second Series and issue its sustainability quality score with respect herein. Moody’s has assigned the Second Series an overall sustainability quality score of SQS2 (very good). This score is considered strong and among the highest when compared to a similar peer group

WSSC Bond & Note Information Book

WSSC Green Bond Framework

WSSC Official Statements

Last Modified: March 8, 2024, 5:05 pm EST