Investor Relations
WSSC Water presents this information on our bonds and other debt obligations to provide transparency to our investors and our customers.
To provide transparency for our investors, WSSC Water provides this information on the issuance of WSSC Water bonds and other debt obligations.
WSSC Water produces an annual report on the status of all outstanding notes and bonds, and we encourage customers to review the information (links to the annual report and other reports are listed below). In addition, our debt policy is available for review to better understand WSSC Water's procedures and goals.
Background
Bonds are issued as the Washington Sanitary Suburban District, which is a sanitary district incorporated under Chapter 122 of the Acts of the General Assembly of 1918, as amended. WSSC Water is governed by and under the jurisdiction of a commission of six members constituting a statutory body corporate under the name Washington Suburban Sanitary Commission (the "Commission"). The District operates as a public corporation of the State of Maryland under the Public Utilities Article of the Annotated Code of Maryland, as amended (the "Public Utilities Article"). Through its governing body, the Commission, it provides, as authorized, water and sewerage systems, including water supply and sewage disposal facilities for Montgomery and Prince George's counties, Maryland. The Commission is authorized to issue debt under the Public Utilities Article and includes the nature and form of debt, exemption from taxation, eligible projects for debt proceeds and debt retirement, refunding provisions, consolidation for sale provisions and other guidelines. Debt is issued as needed to finance (i) the costs of construction or reconstruction of water supply facilities, water supply lines and transmission mains, sewage disposal facilities, sewer collection mains and trunk sewers; and (ii) the costs of issuing the Bonds.
Ratings
WSSC Water enjoys top bond long-term ratings from three major rating agencies:
- Fitch Ratings, Inc. (“Fitch”): “AAA” (with a negative outlook)
- Moody’s Investors Service, Inc. (“Moody’s”): “Aaa” (with a stable outlook)
- Standard & Poor’s Rating Services (“S&P”): “AAA” (with a stable outlook)
These highest-level ratings reflect WSSC Water's strong service area, robust financial position, and accomplished financial management.
Recent bond sales
On February 14, 2023, WSSC Water sold $318,545,000 Consolidated Public Improvement (CPI) Bonds of 2023 and $18,450,000 Consolidated Public Improvement (CPI) Bonds of 2023 (Second Series)(Green Bonds) through two competitive sales. WSSC Water received five bids for both series of Bonds, with the winning bidder for both series as BofA Securities, Inc. The lowest true interest cost of the CPI Bonds of 2023 and the Green Bond Series of 2023 was 3.760 and 3.767 percent, respectively. WSSC Water continues to issue Green Bond Series to allow investors to invest directly in bonds that finance environmentally beneficial projects (Green Projects). Visit our Green Bond Program page to learn more about these bonds.
In a prior sale, WSSC Water issued Convertible Consolidated Public Improvement (CPI) Refunding Bonds of 2022 in the aggregate principal amount of $702,467,000. The refunding bonds were issued in accordance with financing agreements between WSSC Water and T.D. Bank, N.A., Truist Commercial Equity, Inc, Bank of America, N.A., and Capital One Funding, LLC respectively, and issued in four (4) series; 2022A, 2022B, 2022C, and 2022D. As a result of the refunding sale, the Commission will realize a net present value savings (NPV) of approximately $62.8 million.
WSSC Water engaged S&P Global Ratings (S&P) to conduct an independent Green Transaction Assessment of the Second Series and issue its evaluation score with respect herein. S&P has assigned the Second Series an overall environmental benefit score of 92/100. This score is considered strong and among the highest when compared to a similar peer group
WSSC Bond & Note Information Book
- June 30, 2023
- June 30, 2022
- June 30, 2020
- June 30, 2019
- June 30, 2018
- June 30, 2017
- June 30, 2016
- June 30, 2015
WSSC Green Bond Framework
WSSC Official Statements
Last Modified: August 7, 2023, 8:32 am EDT