Standard & Poor’s Ratings Services recently affirmed its strong ‘AA-’ long-term and underlying credit rating of the City of Vancouver Utility’s water and sewer revenue bonds.
“The very strong credit rating and outlook indicates to bond investors that the City’s Utility water and sewer financial obligations are stable and being managed well for the future,” said Vancouver’s Chief Financial Officer Lloyd Tyler in a press release.
According to a report by S & P Rating Services, the stable outlook is based on an anticipation that the city’s water, sewer and stormwater rates will continue to be set at levels needed to maintain that balance. The report notes that the City Utility has no additional debt plans.
“While we are proud of this strong rating, we anticipate paying for future capital needs on a pay-as-you-go basis rather than relying on bonded debt,” said Public Works Director Brian Carlson. “We are committed to managing our system needs and revenues to ensure we continue to efficiently and effectively provide the high quality water, sewer and stormwater services that our community relies on 24/7.”
