Fitch and Standard & Poor’s (S&P) this week assigned AAA and AA+ ratings, respectively, on the Suffolk County Water Authority’s $23.555 million water system revenue refunding bonds, series 2011 refunding.
Both agencies also affirmed long-term ratings on the Authority’s existing senior and subordinate lien water system revenue bonds at the same AAA and AA+ ratings. The Authority continues to have among the highest bond ratings of any authority in New York State.
Additionally, Fitch and Standard & Poor’s (S&P) assigned ratings of F1+ and SP1+ short term rating on the Authority’s $100 million Bond Anticipation Notes, 2011A&B.
“Our bond ratings are a reflection of prudent spending and sound fiscal management,” said Water Authority Chairman James Gaughran. “Our excellent bond ratings keep our rates low and save customers money; the higher the bond rating, the lower our borrowing costs. Receiving the highest ratings repeatedly confirms that the financial community recognizes SCWA for our consistently strong financial performance.”
Last year, Fitch upgraded the Authority’s bond rating from AA+ to AAA.
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.