PALM BEACH COUNTY — For the 16th straight year, the Palm Beach County Water Utilities Department (PBC-WUD) has received an Aaa bond rating as announced by Moody’s Investors Services on Tuesday, July 31.
The Moody’s report noted that the Aaa rating for PBCWUD was “significantly above the median rating of Aa3 for U.S. water and wastewater systems” and noted that the position “reflects robust liquidity and an exceptionally low debt profile.”
PBCWUD, which provides water and wastewater services to approximately 591,000 residents across nearly 1,300 square miles of Palm Beach County, was also noted for its system profile, which “is very strong” and, in regard to operating and maintenance expenses, “favorably bigger than the U.S. median.”
Additionally, PBCWUD’s “financial position … is extremely strong” as both “the coverage of the annual debt service by net revenues … and the days of cash on hand … are excellent and greatly exceed the U.S. median.” The report also noted that PBCWUD’s “debt to operating revenues … is very strong and well below other Moody’s-rated water and wastewater systems nationwide.”
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