Standard & Poor praised company’s strong financial operations
LOUISVILLE, Ky. (March 5, 2013) — Standard & Poor’s Rating Services has affirmed its “AAA” long-term and underlying ratings for the Board of Water Works’ revenue bonds. The board is the governing body for Louisville Water, which serves over 850,000 people in Louisville Metro and surrounding counties.
In a report released Friday, Standard & Poor continues to give Louisville Water its highest rating, noting the strong financial operations of the company, the long-term planning efforts and the risk management and controls that Louisville Water has in place.
Standard & Poor’s Ratings Report was part of a three-year review process, as Louisville Water was last reviewed in December 2009. Louisville Water holds $275 million in bonds to finance the company’s capital improvement plan.
“This affirmation of our AAA rating reinforces the fact that Louisville Water is a fiscally sound company,” said Amber Halloran, Louisville Water Vice President and Treasurer. “The careful planning and oversight by staff and our board continues to produce an outstanding return for the city of Louisville and exceptional water quality for our customers.”
Standard & Poor noted the historically strong financial operations of Louisville Water and said in its opinion “these trends should continue.” The report credits the stable outlook to a large and steadily growing user base, Louisville Water’s willingness to raise rates each year and the long-term planning efforts to create a more predictable framework for financial performance.
A summary of the ratings report is available at Standardandpoors.com.