Mar 01, 2021
Moody’s Investors Service and Fitch Ratings affirm Greenville Water’s AAA rating and assigned a stable outlook.Moody’s is a leading provider of credit ratings, research and risk analysis. 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 rating reflects the system’s growing customer base that drives increased revenue and very healthy coverage without needing to tap the system’s unlimited rate-setting authority, ample system capacity, prudent financial management and capital planning.
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 Fitch Rating on the bonds and issuer default rating indicates Greenville Water’s exceptionally strong leverage reflecting its very strong revenue defensibility and very low operating risk profile. These AAA ratings directly impact the interest rates on the debt Greenville Water issues.
“Our AAA ratings demonstrate Greenville Water’s financial strength and sound financial management. Maintaining our AAA ratings ensures that we receive the lowest possible interest when we issue bonds,” said Phil Robey, Greenville Water chief financial officer. “This minimizes our borrowing costs and helps us to maintain affordable water rates for our customers.”
Greenville Water boasts the highest rating from all three nationally recognized rating agencies and continues to offer customers rates among the lowest in the nation. The Fitch Rating has been awarded to Greenville Water for 22 consecutive years and 11 consecutive years for Moody’s.
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