March 23, 2018
Contact: Christine Chamberland, Director of Finance
S&P UPGRADES WOONSOCKET WASTEWATER BOND RATING TO A+
Financial Condition of City Continues to Improve
WOONSOCKET, R.I.: Mayor Lisa Baldelli-Hunt today announced that S&P Global Ratings has upgraded the City of Woonsocket’s outstanding Wastewater Revenue Bonds to ‘A+’. “This two-step upgrade to ‘A+’ from ‘A-‘ reflects the improvements in financial performance and management of the City’s wastewater system,” said Mayor Baldelli-Hunt. “Even while undertaking the substantial upgrade to our system and the costs involved, our finances have improved. That speaks volumes about the efforts of everyone involved in our wastewater system,” stated the Mayor.
S&P wrote that the “upgrade reflects the completion in 2017 of a substantial upgrade to the city’s wastewater treatment plant.” S&P describes the wastewater enterprise as having a “relatively stable and diverse customer base, affordable rates given local incomes, and operational management policies and practices that we consider good….” The report also notes the strong financial profile with strong debt coverage, improved liquidity and good financial management practices. The additional debt issued to pay for the treatment plant has raised the amount of debt outstanding, but with the completion of the treatment plant, there are no additional debt plans.
“S&P has recognized the thoughtful and careful way in which we upgraded the wastewater treatment plant while at the same time strengthening the financial profile of the wastewater enterprise. This is good news as we now build our new water treatment plant, which is underway, using the same fiscal approach that we have used in managing every area of our City,” Director of Finance Christine Chamberland noted. “Director of Public Works Steven D’Agostino is to be commended for his oversight of the project and funds,” concluded Mayor Baldelli-Hunt.