Net revenues of the Puerto Rico Aqueduct and Sewer Authority are ahead of budgeted expectations by 7.1% in the first nine months of the fiscal year.
The data comes from a financial statement the authority posted to its web site recently.
However, the authority expects net revenues to come in 0.28% below budgeted expectations over the course of the entire fiscal year, which ends June 30.
The authority expects its debt service ratios to be better than anticipated. The authority expects senior debt, senior subordinated debt, and subordinated debt to all have ratios of 4.44, better than the 4.08 that had been budgeted.
The authority also expects to have better debt service ratios for its commonwealth guaranteed debt and commonwealth supported debt. It is now expecting 1.13 ratios compared to the 1.04 ratios that it had anticipated.
In July 2013 PRASA's Board of Directors voted to approve a 60% increase in water rates. "The full impact of the rate increase was reflected in cash collections by the end of the calendar year 2013," PRASA stated.
