CUSIP 725304TX7

  • ISIN: US725304TX70
  • Entity Name: Pittsburgh Water and Sewer Authority
  • Sector: Municipal Agency
  • Announcement Date: 05-Oct-2018
  • Effective Date: *****
  • Issue Date: *****
  • Maturity Date: 01-Sep-2029
  • Country of Issuer: United States
  • Region: N.Amer
  • Issue Currency: United States of America Dollars
  • CA Type: Rating Downgrade
  • News: Moody`s Investors Service has downgraded to A3 from A2 Pittsburgh Water & Sewer Authority, PA`s first lien revenue debt rating. The downgrade affects approximately $570 million of rated debt outstanding. The outlook remains negative. RATINGS RATIONALE The A3 rating reflects Pittsburgh Water & Sewer Authority, PA`s (PWSA) narrow cash position, with roughly 60 days` cash on hand expected at the close of 2018, well below average for similarly sized peers. While we expect definitive improvements to operations and controls given Pennsylvania Public Utility Commission (PUC) oversight, effective as of April 2018, the downgrade to A3 also reflects the need for major capital spending, particularly in light of the authority`s already high leverage. The A3 rating also speaks to two years of weak financial performance through 2017, offset by an expectation of break-even operations in fiscal 2018.
  • Description: Municipal Name: Pittsburgh Water and Sewer Authority CUSIP: 725304TX7 Currency: USD Pittsburgh Water and Sewer Authority announced today that the Moody s Investors Service has downgraded the ratings of the Series 2017A, Water And Sewer System First Lien Revenue Refunding Bonds from A2 to A3.
  • Bond Document:
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