News
OMWD Maintains AAA Bond Rating for 10th Consecutive Year
Fitch Ratings reviewed OMWD’s financial position and confirmed that OMWD will maintain its AAA bond rating. OMWD’s revenue bonds have held the AAA rating since 2016, which validates OMWD’s creditworthiness and financial stability.
A bond rating is an evaluation of an institution’s credit quality and financial strength. A AAA rating is the highest grade awarded by Fitch Ratings, a global rating agency that provides independent credit opinions. The AAA rating helps demonstrate that OMWD continues to provide a high level of service to its ratepayers while budgeting appropriately and managing its finances responsibly.
“This is especially good news in light of all of the rate challenges the water industry is facing,” said OMWD board treasurer Scott Maloni. He added, “Maintaining our AAA rating for a decade reflects the commitment of the board, our finance team, and our employees to financial excellence.”
The AAA rating enables OMWD to continue financing improvement projects at the lowest possible interest rates. Lower interest rates will result in savings for ratepayers over time.