Mountain Regional Water boosts bond rating
April 21, 2009
Standard and Poor’s has raised the bond rating for Mountain Regional Water Special Service District to A+.
The independent agency hiked the BBB rating at a time when bond ratings across the country have been downgraded due to challenges created by the economic downturn, according to Mountain Regional Water Special Service District Chief Financial Officer Scott Green.
The rating was raised based on Mountain Regional’s strong cash reserves and debt-service coverage, according to Green.
Summit County’s Mountain Regional Water Special Service District demonstrated its ability to handle a vulnerable housing market. Its solid management has performed long-term financial and capital planning, Green said in a prepared statement.
"Mountain Regional is proud of this accomplishment following its consolidation of many financially troubled water companies in the Snyderville Basin over the past several years," Green said. "Mountain Regional’s employees and management team will continue to stress fiscally conservative practices to maintain its new bond rating."