Fitch Ratings, a global rating agency, recently affirmed the Metropolitan Water Reclamation District of Greater Chicago (MWRD’s) AAA rating with a stable outlook. The MWRD completed a ratings review at Fitch’s request.
In its report, Fitch states that “The District benefits from seasoned management with a history of prudent financial stewardship.”
The MWRD has received the AAA rating from Fitch for 12 consecutive years. MWRD Chairman of Finance Mariyana Spyropoulos explained that the high rating is important because it enables the MWRD to sell its bonds at a lower interest rate, and therefore, obtain the least possible interest cost for taxpayers. The rating is also an indication of the MWRD’s exceptionally strong capacity for payment of its financial commitments.
“I would like to thank our staff for their diligence in completing the review process, and I further commend our Board of Commissioners and staff for carefully managing our resources so that the MWRD is situated in this positive financial position,” said Commissioner Spyropoulos.
MWRD Executive Director David St. Pierre said that ratings agencies in general are reviewing bond issuers more frequently, so it is important that the MWRD continue its focus on maintaining sound financial operations, a manageable debt load, and prudent fiscal control of the MWRD’s resources.
The MWRD provides wastewater treatment and stormwater management to approximately five million people located in the city of Chicago and 125 suburban municipalities. Additional information about the MWRD can be found at www.mwrd.org.
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