Only nine water utilities across the country have achieved this rating.
Greenville SC- August 8, 2018- Moody’s scored Greenville Water as ‘AAA’ in its Annual Issuer Comment last month. Moody's Investors Service 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.
Moody’s highlighted several key factors that contributed to the rating including superlative financial strength, very strong debt to operating revenues, strong debt service coverage and a healthy system profile. There are only eight other water utilities in the country with a ‘AAA’ rating from Moody’s. Greenville Water’s water rates are the lowest among these utilities, which makes this achievement even more outstanding.
The AAA rating directly impacts the interest rates on the debt Greenville Water issues. Chief Financial Officer Phil Robey says, “Our AAA rating demonstrates Greenville Water’s financial strength and sound financial management. Maintaining our ‘AAA’ rating ensures that we get the lowest possible interest when we issue bonds. 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 that 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.