Archives of the Mayor's Press Office

FOR IMMEDIATE RELEASE Release #083-00
Tuesday, March 7, 2000

Release #083-00

Contact: Sunny Mindel/Curt Ritter 212-788-2958
   

MOODY'S INVESTORS SERVICE UPGRADES ITS CREDIT RATING
ON THE NEW YORK CITY MUNICIPAL WATER FINANCE AUTHORITY

Mayor Rudolph W. Giuliani today announced that Moody's Investors Service raised its credit rating on the New York City Municipal Water Finance Authority to "Aa3" from "A1". The primary reason Moody's cited in granting the upgrade to the double A category was the quality of City management of the water and sewer system. Moody's specifically noted the improved operation of the billing and collection system for water and sewer fees run by the City's Department of Environmental Protection (DEP); the successful completion of federally mandated improvements to assure that the City's water quality will meet federal standards without requiring an $8 billion water filtration system; and the City's success in managing its capital improvement program for the water and sewer system. Moody's also noted the success of DEP in achieving water conservation goals and the economic strength of New York City.

"I am very pleased that the success of the City's Department of Environmental Protection in protecting and maintaining the City's water and sewer system has lead to this significant upgrade by Moody's Investors Service," said Mayor Giuliani. "The work of the DEP is vital to the health of all New Yorkers, and I congratulate them on their continued success."

The credit upgrade is expected to benefit the holders of approximately $7 billion in currently outstanding Water Authority bonds, and to save the City's water and sewer rate payers approximately $40 million in interest costs over the life of financing the current ten-year capital improvement program for the City's water and sewer system.

 

www.ci.nyc.ny.us


Go to Press Releases | Giuliani Archives | Mayor's Office | NYC.gov Home Page
Contact Us | FAQs | Privacy Statement | Site Map