Positive bond ratings from Moody’s and Standard & Poor’s
Two bond rating agencies have released their evaluation of the City of Toledo’s Department of Public Utilities financial outlook and associated bond rating. In 2016, both agencies acknowledged that the Department of Public Utilities participates in a broad and diverse metropolitan economy as a part of a regional system. The water system in the City of Toledo services customers in the city as well as surrounding communities. Both agencies also acknowledged that the Department of Public Utilities has strong management and financial practices and policies in place.
Moody’s Investor Service rated Toledo" Aa3" maintaining the rate on the city's outstanding water revenue debt. This rating reflects the system's broad service area extending beyond the city.
Standard & Poor’s rated the Department of Public Utilities improvement bonds AA-/Stable as a new rating, and affirmed the Toledo Water as AA-/Stable. This reflects a combination of a strong enterprise risk profile and a strong financial risk profile.
“These ratings are indicative of the good financial management and administrative policies the Department of Public Utilities has been enforcing since 2014”, said Director Moore.
“I am pleased that the rating agency acknowledged the work that the City of Toledo is doing to build and maintain safe water system”, said Mayor Paula Hicks-Hudson.
Posted by Stacy Weber on Thursday, August 11, 2016.