Having earned two AAA ratings from Fitch Ratings, Inc. and Standard and Poor’s Financial Services LLC. respectively, Suffolk County Water Authority is among the top one percentile of water suppliers in the United States for financial stability.
Only 75 of the nation’s more than 20,000 water suppliers can boast two AAA ratings.
"This is an acknowledgement that our smart management practices are working," said SCWA Chief Executive Officer Jeffrey W. Szabo. "For the first time in our history, we have developed and implemented a ten-year strategic business plan that has transformed our operations and made us more efficient than ever before."
Standard and Poor’s Financial Services LLC cited the Authority’s strong operation management assessment highlighted by sound system operations in addition to a strong market position, where water rates reflect only 0.3% of median household effective buying income.
SCWA Chief Financial Officer Douglas Celiberti briefs Board Members and Executive Staff
"It is extremely gratifying to have our hard work recognized by receiving the highest possible credit ratings," said SCWA Chairman James F. Gaughran. "The decision made by the ratings agencies will help us to keep our water rates low."
Additionally, Standard and Poor’s Financial Services LLC referenced the Authority’s historically strong "all-in coverage" of debt service, strong liquidity position and strong financial management assessment due to SCWA’s comprehensive budget process and strict monitoring.
"We believe that the financial management practices are strong, comprehensive and support high credit quality," S&P said recently.
Fitch Ratings, Inc noted that SCWA’s all-in annual debt service coverage has remained sound, trending above 2.0x over the prior six fiscal years with little deviation.
"We are proud to see the collective efforts of Authority staff recognized for providing a valuable public service while maintaining our commitment to strong fiscal discipline," said SCWA Chief Financial Officer Douglas J. Celiberti.
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.