The Palm Beach County Water Utilities Department was recently assigned the highest rating from the three largest rating agencies: Fitch Ratings, Standard & Poor’s Ratings Services and Moody’s Investors Service*. Nationally, only a small handful of publicly-owned water providers hold this distinction.
The ‘AAA’ ratings reflect the Water Utilities Department’s strong financial and operational management evidenced by low rates and high quality service. The system’s manageable future capital needs, ample treatment capacity and robust service area are also factored into the ratings.
The Water Utilities Department currently receives raw water from the Biscayne and Floridan aquifers and owns and operates six water treatment plants with a combined maximum permitted treatment capacity of 114.39 million gallons per day (mgd). The system owns and operates one wastewater treatment plant and is party to another wastewater treatment plant operated by the City of West Palm Beach. The system’s combined maximum treatment capacity at both plants is 58.5 mgd, well above the average flow of 38.5 mgd in fiscal 2008. The current issuance makes up the largest portion of the system’s $355.9 million capital improvement plan for fiscal years 2009 to 2013. No additional debt is expected in the next five years.
The Palm Beach County Water Utilities Department is a department of the Palm Beach County Board of County Commissioners, serving approximately 505,000 residents with drinking water, reclaimed water and wastewater services.
*Moody’s Investors Service’s highest rating is represented as “Aaa.”
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