It’s all A’s for Toho Water Authority – as in “AAA”.
The local water utility received an “AAA” rating from Global rating agency Fitch for its upcoming $40.1 million Water Infrastructure Finance Innovation Act (WIFIA) loan. Loan proceeds will be used to fund up to 49 percent of Toho Water Authority’s (Toho) $81.9 million Accelerated Gravity Sewer Assessment and Rehabilitation project. The federal WIFIA program provides long-term, low-cost loans for significant water projects.
Fitch also gave TWA an “AAA” revenue bond rating thanks to financial strength, strong operating performance and a stable economic future as a signal it’s a strong service provider.
According to TWA, Fitch factored in how it is positioned to handle ongoing growth demands well, its rates are affordable, sound leverage for its cash flow, and carries minimal debt issuance plans. Fitch analysis noted Toho Water’s finances remain strong; it has posted six years of solid margins and healthy debt service coverage.
Along with Moody’s and Standard & Poor’s, Fitch is one of the top three credit rating agencies. Dedicated to providing value beyond the rating through independent and prospective credit opinions, Fitch Ratings offers global perspectives shaped by strong local market experience and credit market expertise.
