The DuPage Water Commission’s bond rating has been upgraded to AAA by Standard & Poor’s, making it the only municipal water wholesaler in the U.S. to earn that rating.
The company had rated the commission as AA. In upgrading the rating, Standard & Poor’s cited the Lake Michigan water agency’s minimal capital needs beyond its five-year capital improvement program, the near-completion of its pay-as-you-go construction plan and its strong finances and reserves, said the commission’s general manager, James Holzwart.
The improved rating will save the commission money because it will mean lower interest rates for the $158 million in revenue bonds from water revenues and a countywide sales tax.
Completed in 1992, the commission’s system delivers lake water to 25 DuPage communities and two private utilities.
“We’re seeing so many big businesses lose their ratings, and this is an opportunity to thank staff and to thank the commission board members who were on the commission before us,” said board member and Lombard Mayor William Mueller.
