Water Environment Services, OR Revenue Refunding Bond Rating Raised To #AAA# On Very Strong Financial Metrics

Stocks and Financial Services Press Releases Tuesday June 12, 2018 10:10
CENTENNIAL--12 Jun--S&P Global Ratings

CENTENNIAL (S&P Global Ratings) June 11, 2018--S&P Global Ratings raised its long-term rating and underlying rating (SPUR) to 'AAA' from 'AA+' on Water Environment Services (WES) formally known as Clackamas County Service District No.1 (CCSD#1), Ore.'s sewer revenue refunding bonds and removed the rating from CreditWatch with positive implications. The outlook is stable.

"The raised rating reflects our view of the WES's combined very strong financial metrics and the economies of scale benefits of a larger system," said S&P Global Ratings credit analyst John Schulz. "The rating also reflects our view of the system's combination of an extremely strong enterprise risk profile and financial risk profile," Mr. Schulz added.

On Nov. 3, 2016, an intergovernmental Partnership Agreement was entered into by CCSD#1 and the Tri-City Service District (TCSD) creating a new municipal entity known as WES. Additionally on May 18, 2017, the Surface Water Management Agency of Clackamas County entered into the partnership with the above referenced WES.

WES directly or indirectly serves seven suburban cities just south and southeast of Portland, with four separate noncontiguous wastewater collection networks encompassing over 150,000 residents and a storm drainage utility of roughly 3,800 accounts. We understand that the service areas include land available for development under a restrictive regional land-use planning system.

Certain terms used in this report, particularly certain adjectives used to express our view on rating relevant factors, have specific meanings ascribed to them in our criteria, and should therefore be read in conjunction with such criteria. Please see Ratings Criteria at www.standardandpoors.com for further information. Complete ratings information is available to subscribers of RatingsDirect at www.capitaliq.com. All ratings affected by this rating action can be found on S&P Global Ratings' public website at www.standardandpoors.com. Use the Ratings search box located in the left column.


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