Moody’s Assigns Aa3 Issuer Rating to West Columbia, SC W&S Ent.
West Columbia (July 11, 2017 at 10:13 AM) – The City of West Columbia’s SC Water and Sewer Enterprise (SC W&S Ent.) has received a positive credit rating of Aa3 from Moody’s Investors Service. SC W&S Ent. services 19,700 water and 11,500 sewer customers located within the City and unincorporated areas of the county.
Last month, the City applied for a credit rating from Moody’s on its SC W&S Ent. The City also made a formal presentation to Moody’s highlighting the demographics of the City/service area, the makeup of SC W&S Ent, and the historical and projected financial results of the system.
After reviewing the City’s annual audits, bond documents and Water and Sewer System-related materials, Moody’s assigned SC W&S Ent. the Aa3 rating and noted the following credit strengths:
• Stable customer base located within Columbia MSA
• Sound financial metrics with stable cash
• Long-term contracts with top users that include capital cost sharing terms
• Well established asset management plans
• Strong willingness to keep rates in pace with O&M and capital needs
The Aa3 Issuer Rating is in the second highest rating category and is the fourth highest credit rating overall.
“This positive analysis applauds the financial stability and creditworthiness of our local Water and Sewer System,” said Mayor Bobby Horton.
The Issuer Rating is intended to be used as an assessment of the system’s financial strength and ability to honor its financial obligations and contracts. Going forward, the City will provide Moody’s with annual financial information and periodically participate in rating surveillance calls to maintain the positive rating.
About the City of West Columbia
The City of West Columbia is situated along eight miles of the beautiful Congaree River. Known for being friendly, welcoming and affordable, the city also has top-level schools and a myriad of dining and shopping options, as well as exemplary health care options that are within a three-mile radius. The area is ideal for commerce, thanks to its business-friendly attitude, low taxes and utility rates. The City is concentrating on economic development and is eager to attract business start-ups and/or relocations. Additionally, major interstates, highways, the airport, and Columbia are just minutes away. When it comes to recreation, West Columbia offers kayaking, canoeing, tubing, parks, waterfront concerts, 8.5 miles of walking and biking trails, and much more, including access to the renowned Riverbanks Zoo, Botanical Gardens, and Waterfall Junction. More information is available at www.westcolumbiasc.gov.
