Press Releases

Contact: Public Relations Department
Suffolk County Water Authority
PO Box 37
Oakdale NY 11769
(631) 563-0296

February 05, 2003
Suffolk County Water Authority Once Again Receives Highest Category Bond Rating in New York State "AA Category Given By Top Bond Rating Agencies"

The Suffolk County Water Authority (SCWA) has once again received the highest category bond rating of any revenue Authority in New York State according to an announcement by Michael A. LoGrande, Chairman of the Water Authority. Both Fitch Ratings (Fitch) and Standard and Poor’s (“S&P) have placed the Authority in a solid AA category.

In her letter to the Authority’s Chief Financial Officer, Nick DiBartolo, Fitch’s Managing Director of Public Finance, Katherine S. McManus wrote, “The ‘AA’ rating reflects the Authority’s consistently healthy financial performance, manageable capital needs, low rates, [and] strong debt service coverage…”

“The AA rating is not easy to obtain”, said Greg Carey, Managing Director of Salomon Smith Barney, the SCWA’s financial advisor. “The rating agencies are recognizing that the Authority is well run and financially secure. Michael LoGrande, the Board, and the executives of the Authority are to be congratulated on obtaining this very high rating once again.”

“Even with the three year rate freeze we announced last year and water rates that are 40 percent below the national average, both of these well-respected independent agencies are saying we are a financially secure and well run organization”, said LoGrande. “These high marks mean that we’ll save millions of dollars on future monies we borrow. That helps to keep low water rates for our customers even while we continue to invest in and upgrade our system to ensure the water we deliver is safe and secure.”

The Suffolk County Water Authority operates the nation’s largest groundwater based system in the United States and serves almost 1.2 million Suffolk residents. It has no taxing powers, receives no funding from County or State sources, and operates solely on the income it receives through the sale of water.

“As Board members we set the course, but we also have to give a lot of credit to Steve Jones, our Chief Executive Officer, and our very dedicated staff. They’re in the trenches everyday, making it happen, and keeping the interests of the customers we serve first,” LoGrande said.

The Suffolk County Water Authority is an independent public-benefit corporation operating by virtue of the Public Authorities Law of the State of New York. Serving about 80 percent of Suffolk’s residents, it operates without taxing power on a not-for-profit basis.