The District of Columbia Water and Sewer Authority (DC Water) has once again earned top credit ratings from all three major agencies—S&P Global Ratings, Moody’s Investors Service, and Fitch Ratings—reinforcing our reputation as a national leader in the utility sector.

All three rating agencies recognized DC Water’s strong financial management, independent rate-setting authority, and commitment to long-term infrastructure investment. Each cited the Authority’s ability to maintain high debt service coverage, healthy liquidity, and affordability for customers despite rising capital needs. 

Together, they provide a stable outlook and affirm our strategic governance, and resilience amid environmental and economic challenges. Because we finance much of our infrastructure investment through tax-exempt bonds, strong ratings give us access to low-cost capital—savings we pass on to customers through lower rate increases.

“These ratings reflect the market’s confidence in our ability to deliver essential services while managing risk and investing in the future,” said David L. Gadis, CEO and General Manager. “We are proud to maintain these high ratings, especially under tight budget constraints and growing environmental pressures.”

S&P Global Ratings

S&P awarded our senior-lien bonds a ‘AAA’ rating in 2016—the highest available to any utility—placing DC Water among the most financially secure public utilities in the nation.

S&P also assigned a ‘AA+’ rating to our upcoming subordinate lien bonds and reaffirmed the ‘AAA’ rating on existing senior lien bonds, citing strong reserves, excellent management, and careful planning through major infrastructure upgrades. This includes a $9.6 billion capital improvement program, with nationally recognized programs such as the Clean Rivers Project and Lead Free DC initiative.

Moody’s Investors Service

Moody’s maintained its Aa1 and Aa2 ratings, highlighting our sound finances, prudent rate-setting, and healthy cash reserves—expected to remain strong through at least 2029. 

The agency emphasized DC Water’s strong financial metrics, stable service area, and proactive capital planning. Moody’s also noted the authority’s consistent revenue growth and its ability to maintain high debt service coverage and liquidity. 

Fitch Ratings

Fitch Ratings assigned a ‘AA’ rating to DC Water’s subordinate lien bonds and reaffirmed the ‘AA+’ rating on senior-lien bonds, along with a top-tier ‘F1+’ rating on commercial paper. 

The agency cited DC Water’s “very strong financial profile,” supported by low debt levels, affordable rates, and the authority’s ability to raise rates independently. Fitch also noted the utility’s low operating costs, strong capital planning, and flexibility to manage spending under federal budget constraints. 

“Tax-exempt bonds may not be flashy, but they are the workhorse of our industry,” said Matthew T. Brown, Chief Financial Officer. “These ratings help us keep rates affordable while investing in infrastructure that protects public health and the environment.”

All three agencies emphasized governance as a key strength. Our strategic plan, Blueprint 2.0, and Impact + Resilience Report are fully integrated with our financial model and rate plan, aligning infrastructure investment with long-term planning and community outcomes.

DC Water’s customer assistance programs were also highlighted by the ratings agencies, which were noted by S&P for helping to reduce residential delinquencies by 30% since the pandemic—underscoring our commitment to affordability.

With a stable outlook from all three rating agencies, DC Water is well-positioned to continue delivering reliable, affordable, and sustainable water and sewer services to more than two million people across the region. 
 
For more information, visit www.dcwater.com.