This week, Moody’s Investors Service upgraded DC Water’s credit rating to Aa1 for senior lien revenue bonds and Aa2 for subordinate lien revenue bonds. This marks the second time this year that DC Water’s credit rating has been upgraded. In February, Standard and Poor’s Investors Service (S&P) upgraded DC Water’s credit rating to AAA, the highest rating available by a rating agency.

DC Water CFO Mark Kim stated, “Today is a great day for DC Water’s customers, who will benefit financially from our recent credit rating upgrades in the form of lower debt service costs, which in turn will translate into lower rate increases than originally projected. The savings will go straight to DC Water’s bottom line and flow through to our customers.”

Moody’s rating report cited DC Water’s “strong management practices,” “board autonomy” and “sound cash position” as credit strengths supporting the upgrade. In addition, Moody’s commented on its rating upgrade that “[t]he outlook is stable, reflecting the authority’s continued willingness to proactively manage its finances.”

“The credit rating upgrade comes at an incredibly meaningful time for us as we get set to begin eight town hall meetings on our proposed rates for the next two years,” said DC Water CEO and General Manager George Hawkins. “It is a reflection of our entire enterprise, from the outstanding oversight of our Board of Directors, to our operations in the field and the quality of service we provide to our customers.”

In 2014, DC Water issued a $350 million green century bond and in 2015 issued an additional $100 million in green bonds. The former earned Bond Buyer’s “Regional Deal of the Year Award” and the IWA Global Water Awards for “Water Deal of the Year.”