alert
Tenant-Occupied Property Alert
1631203388

Owner Authorization Form required for payment plan

Water Service Turnoffs Resumed
1626894664

Act Now!

close

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 better understand WSSC Water's procedures and goals.

Background

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.

Ratings

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

  • Fitch Ratings, Inc. (“Fitch”): “AAA” (with a negative 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 September 28, 2021, WSSC Water sold $312,460,000 Consolidated Public Improvement (CPI) Bonds of 2021 and $21,520,000 Consolidated Public Improvement (CPI) Bonds of 2021 (Second Series)(Green Bonds) through competitive sale. WSSC Water received four bids, with the winning bidder for both series - Citigroup Global Markets Inc. - offering the lowest true interest cost of 2.25 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.

WSSC Water engaged S&P Global Ratings (S&P) to conduct an independent Green Bond assessment of the Second Series and issue its Green Bond Principles Alignment Opinion with respect herein. S&P has assigned the Second Series an overall score of 82. This score is considered to be among the highest when compared to a similar peer group.

In a prior sale, WSSC Water sold $278,350,000 CPI Bonds of 2020 and $47,545,000 CPI Bonds of 2020 (Second Series) (Green Bonds) through competitive sale. WSSC Water received six bids for both series with the winning bidder, Wells Fargo Bank, NA, offering the lowest true interest cost of 1.94 percent.

WSSC Bond & Note Information Book

WSSC Green Bond Framework

WSSC Official Statements

Last Modified: October 26, 2021, 10:47 am EDT