The Suffolk County Water Authority this week closed on a $116,660,000 bond refunding that will save the Authority more than $9 million through 2032.
The savings under the bond refunding are in part due to the Authority’s extremely high credit ratings, which made Authority bonds attractive in the marketplace. Fitch Ratings and Standard & Poor’s Ratings Services last month affirmed Suffolk County Water Authority’s water system revenue bonds at AAA and AA+, respectively, noting the utility’s "exceptionally low water rates" and the region’s abundant source of high quality water.
The agencies affirmed AAA and AA+ ratings on $50 million water system revenue bonds, series 2015A and $115 million water system revenue bonds, series 2015 refunding.
Both agencies also declared SCWA’s rating outlook to be stable.
"It’s gratifying to have ratings agencies affirm our high bond ratings due to our strong fiscal management," said SCWA Chief Executive Officer Jeffrey W. Szabo. "It’s even greater when that affirmation leads to substantial savings for our customers."
The Suffolk County Water Authority is an independent public-benefit corporation operating under the authority of the Public Authorities Law of the State of New York. Serving approximately 1.2 million Suffolk County residents, the Authority operates without taxing power on a not-for-profit basis.