DATE: June 23, 2015
MEDIA CONTACT: Robert Miracle
Broward County Finance and Administrative Services Department
PHONE: 954-357-7130
EMAIL: bmiracle@broward.org
BROWARD COUNTY, FL - The County's Water and Sewer bonds have been upgraded by Standard & Poor's (S&P) and Moody's to AA+ and Aa1 respectively, the latest in a series of upgrades recognizing the financial stability and fiscal strength of the County.
Broward County has experienced a total of 15 upgrades from the three major rating agencies for its various credits while experiencing only three downgrades over the last ten years.
These latest ratings were provided in conjunction with the 2015A and 2015B Water and Sewer revenue refunding bonds, with a stable outlook. This refunding is estimated to provide approximately $19.9 million in interest savings over the remaining life of the bonds (through 2034).
In its analysis of the Water and Sewer Utility, Moody's felt the upgrade was a reflection of "the system's good, stable coverage levels, healthy liquidity, diverse customer base, strong financial management, and manageable debt burden, which will decline as no new debt is expected until 2019." S&P stated, "the upgrade reflects the utility's trend of strong, and likely sustainable, financial performance," and that the outlook "reflects our expectation that county management will continue to manage the system's financial position to produce strong coverage and liquidity."
According to Robert R. Miracle, CFO/Director of the Finance and Administrative Services Department, the ratings reflect the hard work and dedication of the County's 5200 employees, and the sound financial policies set by the Board of County Commissioners.
About Water and Wastewater Services
Water and Wastewater Services (WWS) is committed to maintaining quality of life in Broward County by providing cost-effective water and wastewater management and programs through sound environmental practices. The agency plans, designs and constructs facilities to ensure adequate capacity for potable water, sewer and storm water, and provides retail water and sewer services for more than 50,000 customers. Water and Wastewater Services is also responsible for pumping, treating and distributing water, as well as providing for collection, treatment, reuse and disposal of wastewater for more than 600,000 residents. The agency is also involved in the operation of waterways, water control structures and well systems to provide flood management; and canal management services supporting aquifer recharge as well as removal of aquatic vegetation from certain bodies of water throughout Broward County. For more information, call 954-831-3250 or visit our website.
About Finance and Administrative Services
The Finance and Administrative Services Department provides internal support services for all Broward County agencies. Divisions include Accounting; Enterprise Technology Services; Human Resources; Purchasing; Records, Taxes & Treasury; and Risk Management. This department serves as the County's banker, bookkeeper, buyer, insurance agent, record keeper, bill payer and bill collector. Services include the provision of information technology and human resource services. For more information, visit our website.
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