Three leading bond agencies affirm Miami-Dade Water and Sewer Department's financial stability
(MIAMI, June 4, 2015) – Three of America’s leading bond rating agencies have affirmed Miami-Dade Water and Sewer Department’s revenue stability, assigning “A+” and “Aa3” ratings and stable outlooks to the Department’s $481 million Revenue Refunding Bonds, Series 2015 along with the department’s outstanding 2.1 billion revenue bond. Both Fitch Ratings and Standard & Poor’s Ratings Services (S&P) assigned “A+” ratings and stable rating outlooks, while Moody’s Investors Service has assigned an “Aa3” rating and a stable outlook.
“I’m pleased with their findings and look forward to continuing with our Capital Improvement Program,” said Miami-Dade Water and Sewer Department Director Lester Sola.
The Miami-Dade Water and Sewer Department’s favorable ratings reflect a continued assessment based on revenue stability, historical debt service coverage, good levels of system liquidity and competitive monthly water and sewer rates. Standard & Poor’s Rating Services reported that the department’s financial position and performance remain strong and that in the last five years, net revenues available for debt service steadily increased from $171.3 million to approximately $231 million in fiscal year 2014.
It is the priority of the Miami-Dade Water and Sewer Department to provide safe, reliable and economical service to its customers. For additional information about Department services and programs, visit www.miamidade.gov/water.