Fitch Ratings and Standard & Poor’s Ratings Services have affirmed Suffolk County Water Authority’s water system revenue bonds and BANs at their current ratings of 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; $115 million water system revenue bonds, series 2015 refunding; and $75 million bond anticipation notes (BANs), 2015B.
Both agencies also declared SCWA’s rating outlook to be stable.
"We’re very proud to be recognized by the ratings agencies for our strong fiscal management," said SCWA Chairman James F. Gaughran. "Maintaining superior bond ratings helps us to keep our customers’ rates as low as possible."
Fitch in a press release cited SCWA’s "superior credit profile," noting the Authority’s "consistently strong operating results." The agency also noted the Authority’s maintenance of a high-quality water supply and "near-perfect revenue collection rates" resulting from a combination of affordable rates and Suffolk County’s relatively high income levels. S&P cited SCWA’s "sound water system management."
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.