Standard & Poor’s Affirms Greenville Water’s Credit Standing
Report cites affordable rates and strong management.
Greenville SC- November 14, 2017- Standard & Poor’s has affirmed Greenville Water’s ‘AAA’ rating. Standard & Poor's Financial Services LLC is an American financial services company. It is a division of S&P Global that publishes financial research and analysis on stocks, bonds and commodities. The ‘AAA’ rating is the highest rating available and demonstrates that Greenville Water has an exceptional degree of creditworthiness and is in excellent financial condition.
The AAA rating reflects Greenville Water's very strong enterprise risk profile and extremely strong financial risk profile. Other factors noted in the rating include affordable residential rates, strong operational and financial management policies and limited additional debt plans. Standard & Poor’s cited Greenville Water’s strong liquidity position and debt service coverage ratio as key drivers in affirming the AAA rating.
Standard & Poor’s also noted the AAA rating reflects consistent growth in the customer base, which supports the extremely strong financial risk profile.
The AAA rating directly impacts the interest rates on the debt Greenville Water issues. Chief Financial Officer Phil Robey says, “Maintaining a high credit rating enables us to minimize costs when we choose to borrow money for our system improvements which helps us to maintain affordable water rates for our customers.” Greenville Water rates are among the lowest in the nation.
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.