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Mount Pleasant Waterworks Credit Rating Improves

October 25, 2013

NEWS

For more information contact:

Dionna Ebeling, 843-870-4364

Nicole Frampton, 843-814-2076

 

 

Mount Pleasant Waterworks Credit Rating Improves  

Standard and Poor’s Upgrades Mount Pleasant Waterworks to AA+ Credit Rating

 

Mount Pleasant, S.C.  - - October 25, 2013 - - Top U.S. credit-rating agency, Standard & Poor’s raised its long-term rating from ‘AA’ to ‘AA+’ for Mount Pleasant Waterworks (MPW) and deemed the utility’s financial outlook to have improved from “positive” to “stable”. 

The upgrade reflects Standard & Poor’s assessment of Mount Pleasant Waterworks’ ability to sustain a strong financial profile characterized by strong debt service coverage without relying on revenues from  impact fees, as well as strong liquidity aided by annual rate increases and adopted fiscal policies in recent years.

Standard & Poor’s noted that MPW’s overall financial profile has been consistently strong. The implementation of annual rate increases, coupled with efforts to cut costs related to personnel, salaries, and general expenses, has enabled MPW to consistently maintain a positive financial standing. The stable outlook reflects expectations that management will remain committed to effectuating timely and appropriate rate adjustments guided by its adopted fiscal policies to sustain a strong financial position.  MPW’s service area’s healthy economy provides additional stability to the rating.  

“Mount Pleasant Waterworks has faced unprecedented economic challenges.  The increase in rainfall has resulted in lower consumption. Although revenues have declined; our overall financial performance is stable due to our management of expenses. We have and will continue to stay focused on what is best for our customers. We continue to identify and implement cost saving ideas as we maintain our current high level of service,” stated Clay Duffie, General Manager. He added, “the Commissioners have provided great leadership and worked with staff to develop a successful Cost Recovery Policy, which has played a vital role in MPW maintaining a positive financial record.”

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