Greater New Haven Water Pollution Control Authority, CT Bond Rating Raised To 'AA+' On Strong Financial Metrics

NEW YORK (S&P Global Ratings) March 24, 2020--S&P Global Ratings has raised its underlying rating (SPUR) on the Greater New Haven Water Pollution Control Authority, Conn.'s regional wastewater system revenue bonds to 'AA+' from 'AA'. At the same time, we assigned our 'AA+' long-term rating to the authority's series 2020A regional wastewater system revenue refunding bonds. The outlook is stable.
"The upgrade reflects our assessment of the authority's enterprise and financial risk profiles as extremely strong," said S&P Global Ratings credit analyst Edward McGlade. The rating is tempered by the authority's all-in debt service coverage (DSC) that, while strong, is far below the levels of higher rated entities.
"Additionally, the upgrade reflects our view of the system's strong liquidity, which has followed from management's willingness to annually adjust sewer rates, prudent formally adopted financial and operating policies, and the currently strong DSC," said Mr. McGlade.
Net revenues of the authority's wastewater system secure the bonds, and a debt service reserve fund provides additional protection.
The upgrade affects approximately $88 million in revenue bond debt and the authority has an additional $65 million in state clean water obligations. It is our understanding that bond proceeds will be used to partially refund portions of the series 2012B and 2014B bonds.
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