OCWA – Central New York’s Water Authority today announced an upgraded financial rating from Moody’s Investors Service Inc. (Moody’s), reaffirming OCWA’s continued commitment to sound financial management. In its May 28 report, Moody’s upgraded OCWA’s rating of its outstanding and future revenue bonds to Aa1 from Aa2, the second highest rating out of 21 categories.
According to Moody’s, the rating increase was driven by OCWA’s improving liquidity, strong debt service coverage, and stable system operations. Moody’s also cited OCWA’s strengths to include an effective management team, and its ample water supply.
This rating upgrade reflects OCWA’s strong financial management, stable revenue base, and commitment to long-term infrastructure investment and sustainability.
“We are honored to receive this upgrade from Moody’s which affirms our strategic financial stewardship and our focus on delivering value to the communities we serve,” said Jeff Brown, OCWA Executive Director. “This improved rating not only demonstrates the trustworthiness of our financial operations, but also positions us to continue investing in critical water infrastructure while keeping rates affordable for our 350,000+ consumers.”
The upgraded rating is expected to improve OCWA’s access to capital markets and lower the cost of borrowing for future infrastructure improvements.