Fitch Ratings Affirms Greenville Water’s Credit Standing

 Report cites stable financial future.

Greenville, S.C.- August 7, 2017- Fitch Ratings has affirmed Greenville Water’s ‘AAA’ rating. Fitch Ratings is a leading provider of credit ratings, commentary and research. Credit ratings are an opinion on the ability of an entity to meet financial obligations. Credit ratings impact borrowing power and interest rates. The ‘AAA’ rating is the highest rating available which means Greenville Water is financially responsible with a stable future.
The affirmation cited five key drivers including a strong financial profile reflecting a strong debt service coverage and at least 500 days cash on hand. Favorable debt metrics reveal fixed rate debt that is amortized within ten years. Ample water supply and treatment capacity, affordable rates and a strong regional economy supported the affirmation.
The AAA rating directly impacts the interest rates on the debt Greenville Water issues.  Chief Financial Officer Phil Robey says, “It enables us to get the lowest possible interest rates when we choose to borrow money for our system improvements. Minimizing our borrowing costs helps us to maintain affordable water rates for our customers.” Greenville Water rates are among the lowest in the nation.
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Greenville Water provides service to nearly 500,000 residents of the Upstate region of South Carolina. Recognizing that water service is critical to the health and well-being of its customers and for the growth and economic vitality of the community, Greenville Water ensures the reliable delivery of high-quality water through careful stewardship of its resources. Greenville Water is committed to providing exceptional service and utilizing safe and effective methods for providing water, while adhering to and surpassing health and safety standards. Governed by an elected Commission of Public Works, Greenville Water is the state’s largest water utility.