Portland Water District (PWD) is pleased to announce that S&P Global Ratings has raised its bond rating to ‘AA+’ from ‘AA,’ with a stable outlook. This upgrade reflects PWD’s abundant water supply, low rates, and strong financial metrics. PWD’s secure water resources, operational cost savings, rate-setting flexibility, and liquidity of reserves were key factors in this positive assessment.

In addition to S&P’s upgrade, Moody’s has assigned Aa3 water bonds and Aa1 sewer bonds to PWD, citing well-managed financial operations, sound debt service coverage, and strong liquidity. Moody’s also noted PWD’s favorable position as the exclusive franchise providing an essential service to the greater Portland area, a diverse customer base, average wealth levels, and a manageable debt profile. Furthermore, Moody’s acknowledges PWD’s increased autonomy in operating matters following deregulation from Maine Public Utilities Commission oversight.

As a result of the bond rating upgrade, PWD will save at least $140,000 over 20 years.

This upgrade underscores PWD’s commitment to financial prudence, operational excellence, and providing reliable and affordable water services to the community. With the continued support of our customers and stakeholders, PWD remains dedicated to maintaining its strong financial standing and delivering exceptional service.