Parker Water and Sanitation District (“PWSD”) recently sold $36.225 Million of water and sewer bonds to fund system improvements, including a two-million gallon per day expansion of PWSD’s North Water Reclamation Facility. The sale generated a total of $42.4 Million, including a $6.2 Million bond premium.
Prior to the sale, Standard and Poor’s Global Ratings (“S&P”) assigned its ‘AA+’ long-term rating (previously ‘AA’) and a “stable outlook” opinion to the District’s Series 2018 water and sewer bonds. This is the second highest rating by S&P. The improved rating reflects a very strong financial profile, which allows the District to obtain lower interest rates when borrowing and ultimately savings for the approximate 50,000 District customers.
Merlin Klotz, PWSD Director states “The recent S&P upgrade and subsequent advantageous bond sale speaks to the strength of the District with respect to our financials, physical assets, operations and most of all the vision of the Leadership team and the Board of Directors.”