The Puerto Rico Aqueduct and Sewer Authority posted better-than-expected financial results for the first half of fiscal 2015.
For the six months through Dec. 31 total net revenues as reported under a 2012 master agreement of trust were $228.9 million rather than the $221.5 million that had been budgeted.
In the first half of fiscal year 2015 revenues came in $10.8 million less than expected. However, operating expenses came in $18.3 million less.
PRASA now expects a 4.04 debt service coverage ratio for senior debt rather than the 3.68 that had been budgeted. For senior subordinated and subordinated debt it expects 4.02 debt service coverage ratios rather than the 3.68 ratios that had been budgeted.
The authority also now expects a 1.24 debt service coverage ratio for its Commonwealth guaranteed debt, which is better than the 1.14 ratio it had budgeted. Similarly, it anticipates a 1.23 debt service ratio for its Commonwealth supported obligations, rather than the 1.13 that had been budgeted.
As of Dec. 31 PRASA had $84.3 million in available funds, 65% more than the $51.2 million that it had budgeted.
In early November Government Development Bank for Puerto Rico chairman David Chafey said PRASA would be selling bonds. He did not specify the amount or timing and no further information about a forthcoming bond has since become public.
