MVWA receives bond rating increase ahead of closing 2020 series

The Mohawk Valley Water Authority has received a bond rating increase for issuing revenue bonds expected to close on Nov. 5.

Posted: Oct 27, 2020 5:02 PM

UTICA, N.Y. – The Mohawk Valley Water Authority has received a bond rating increase for issuing revenue bonds expected to close on Nov. 5.

The rating, which comes from Moody’s Investors Service, moves MVWA from an A1 to an Aa3.

According to Moody’s, MWVA “benefits from a strong financial position marked by conservative budgeting.” MVWA also received a rating upgrade because of ample system capacity and expected near-term growth in the service area and customer base.

MVWA is set to close on its 2020 Bond Series which includes $15.2 million for several capital improvement projects during the next two to three years, and $10.9 million to refinance bonds that were issued on 2012 at higher interest rates. Refinancing the 2012 bonds will allow for $571,073 in savings over the remaining life of that debt.

According to MVWA, $7 million in matching borrowed funds will be combined with $3 million in state funding for a new raw water transmission pipe that will run from Hinckley Dam to the MVWA Water Treatment Plant in Utica.

New York Coronavirus Cases

County data is updated nightly.

Cases: 613266

Reported Deaths: 34388
CountyCasesDeaths
Queens871957347
Kings860527493
Bronx619645030
Nassau579852244
Suffolk579092039
Westchester479641506
New York432833222
Erie22558764
Richmond216971121
Rockland20942692
Orange16228517
Monroe13417313
Onondaga9785222
Dutchess6867185
Albany5324148
Broome5054136
Oneida4410146
Niagara3366104
Ulster314198
Chemung276933
Putnam256364
Schenectady222755
Sullivan212348
Saratoga204519
Steuben164487
Rensselaer158750
Chautauqua144916
Oswego13596
Ontario116437
Tioga106648
Wayne101212
Columbia97956
Tompkins9710
Cattaraugus95624
Cortland9512
Allegany90752
Madison86118
Genesee8458
Cayuga7837
St. Lawrence7239
Greene65518
Livingston6428
Herkimer61612
Chenango60210
Orleans58556
Otsego5738
Warren56035
Wyoming4805
Fulton47228
Jefferson4713
Montgomery44215
Washington43514
Clinton4345
Delaware3269
Lewis3269
Schuyler2853
Seneca2675
Essex26314
Franklin2456
Yates2427
Schoharie1792
Hamilton411
Out of NY0120
Unassigned017
Utica
Overcast
53° wxIcon
Hi: 57° Lo: 43°
Feels Like: 53°
Oneonta
Overcast
52° wxIcon
Hi: 55° Lo: 42°
Feels Like: 52°
Herkimer
Overcast
53° wxIcon
Hi: 56° Lo: 43°
Feels Like: 53°
Thendara
Overcast
53° wxIcon
Hi: 50° Lo: 38°
Feels Like: 53°
WKTV Radar
WKTV Temperatures
WKTV Severe Weather
Click here to learn more about A Healthier Mohawk Valley
Stuff the Bus Locations
Saluting Those Who Are Proud 2 Serve