For Immediate Release: May 13, 1999
Contact: Thomas Lee, Public Affairs, 617-788-1171

MWRA General Revenue Bonds Rated A+
MWRA announced today that Standard & Poors, the credit rating agency, has raised its ratings on MWRA's general revenue bonds from A to A+.

According to a Standard & Poors report, the rating upgrade is based on, among other things: "Strong management, which has generated strong reserves and solid liquidity; continued progress of financing the construction of mandated projects at lower-than-anticipated costs due to management and fortuitous inflation and interest rate environments; annual state support, including direct debt service subsidy for both sewer and water projects, and local tax raising flexibility; the fiscally strong Boston Water & Sewer Commission, which will account for approximately 31 percent of MWRA's fiscal 1999 rate revenues; and substantial completion (95 percent) of the single largest project related to the Boston Harbor cleanup - the Deer Island Wastewater Treatment Plant."

"We are extremely pleased with the rating improvement," said MWRA Executive Director Douglas B. MacDonald. "The A+ stands as a tribute to continued program results and strong financial management MWRA has achieved. It is good news that this translates into growth of confidence on Wall Street. A higher bond rating attracts purchasers for our bonds at lower interest rates, thus helping to directly bring cost savings to our ratepayers."