Moody’s Confirms Shoreline Water District’s Aa3 Bond Rating

Despite the challenges of higher operating expenses in recent years due to the rising cost of water, Shoreline Water District is pleased to announce that Moody’s Investors Service has confirmed an ongoing Aa3 Bond Rating for our outstanding revenue bonds as of April 26, 2013.

Healthy Financial Position Characterized by Strong Debt Service Coverage and Adequate Cash Reserves

According to Moody’s, this confirmation is a direct reflection of Shoreline Water District’s “stable residential customer base, strong finances, history of prudent and timely rate adjustments, as well as a low debt profile.” Specific strengths identified by Moody’s included:

  • Stable, wealthy customer base and participation in the vibrant Seattle area economy.
  • Adequate unrestricted liquidity and additional reserves restricted for capital improvements create strong net working capital position.
  • Proven willingness to raise water rates to manage financial position.

Shoreline Water District’s staff is committed to being good stewards of our ratepayers’ money, and has worked tirelessly to maintain a positive and stable financial condition. We believe our recent clean audit report and subsequent Aa3 Bond rating are a direct result of our strong financial policies, conservative budget planning, and diligent financial management.

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