Moody’s Investors Service said last week it has upgraded to Aaa from Aa2 roughly $103 million of refunding bonds issued in 2002 by the Ohio Water Development Authority as part of its pure water program.

The rating agency attributed the upgrade to strong debt service coverage provided by the loans securing the bonds as well as the high level of default the program could withstand and still make debt service payments. The OWDA has also recently retired a significant portion of its outstanding debt and does not plan to issue any more debt as part of its pure water program in the future.

Subscribe Now

Independent and authoritative analysis and perspective for the bond buying industry.

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.