Woodbridge, Va. –– The Prince William County Service Authority is celebrating its new AAA bond rating, saying the new nod from Wall Street will save customers money.
The agency provides water to more than 75,000 homes and businesses in Prince William County, and this month Standards and Poors upgraded the agency’s bond rating from AA+.
The new AAA rating will lead to reduced borrowing costs for the Service Authority.
S&P based their decision on strong financial metrics, the agency’s customer base, their ability to treat water and their borrowing needs.
“We are very pleased to receive S&P’s highest rating, which is usually given to larger systems than ours,” said Service Authority Chief Financial Officer Leslie Griffith in a statement. “This upgrade is a testament to the Service Authority’s management, operations, and financial strength.”
The authority was chartered in 1983 by the state corporation commission and is an independent public body.
The Service Authority receives treated water from the Potomac River, the Occoquan Reservoir and Lake Manassas and distributes it to its customers.
One of their treatment centers is located in Woodbridge: The H.L. Mooney Water Reclamation Facility located off Rippon Boulevard.
That facility was recently upgraded to the tune of $145 million to limit the amount of nitrogen in treated water released back into the environment.
