Fitch Ratings, Inc. and S&P Global Ratings have both assigned ratings of AAA to $100 million in Suffolk County Water Authority water system revenue bonds scheduled for competitive sale this week.
The ratings agencies both also affirmed AAA ratings on outstanding SCWA water system revenue bonds and declared SCWA’s rating outlook to be stable, with Fitch citing SCWA’s "very low water rates" and "ample, long-term water supply," among other factors, and S&P noting SCWA’s "strong, comprehensive" financial management practices.
"It’s very gratifying when both major rating agencies affirm our high bond ratings while citing our low rates and our strong fiscal condition," said SCWA Chairman James F. Gaughran. "Our high bond ratings help us to keep our water rates among the lowest in the country for comparably-sized public water suppliers. We’re very proud of our management team that ensures we always operate efficiently."
SCWA is one of only approximately 75 of the nation’s more than 20,000 water suppliers to maintain AAA ratings from both Fitch and S&P.
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.