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Clean Water Services Earns Top Bond Rating

Hillsboro, OR - January 12, 2015

Clean Water Services' (District) sanitary revenue bond rating was recently upgraded from AA to AA+, the highest underlying rating the District has ever received. Standard & Poor's raised the rating based on information provided by staff through routine ratings reviews. Rating upgrades enhance the marketability of District bonds with investors and allow the District to continue its ongoing commitment to invest in technologically advanced wastewater treatment facilities that deliver environmentally sensitive services at a very competitive price.

Clean Water Services' conservative financial policies and aggressive cost savings and operating efficiencies have helped the District maintain strong financial characteristics, including strong debt service coverage and liquidity, according to the Standard & Poor's rating report. The District has currently budgeted $58.4 million in sanitary sewer capital improvements in FY 2015 to upgrade, replace and expand aging infrastructure and improve water quality in the Tualatin River and its tributaries. "This rating upgrade allows the District to continue to sell bonds and fund capital projects at competitive interest rates, which equals cost savings for our customers," said Finance Manager Kathleen Leader. 

Clean Water Services is the water resources management utility for nearly 551,000 people in urban Washington County and small portions of Multnomah County, Clackamas County, Lake Oswego, and Portland. Clean Water Services operates four wastewater treatment facilities, constructs and maintains flood management and water quality projects, and manages flow in the Tualatin River to improve water quality and protect fish habitat. Although Clean Water Services maintains a close working relationship with Washington County government, it is a separately managed and financed public utility.

 

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Contacts

Mark Jockers
Government & Public Affairs Manager
Clean Water Services
503.681.4450 (o)
503.701.4293 (m)
jockersm@cleanwaterservices.org

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