BUFFALO–This week, Buffalo Water earned a favorable credit rating from S&P Global Ratings, with an upgraded bond rating from A to A+. Due to the upgrade Buffalo Water will save up to $4 Million over the next 20 years.
“This is great news for city residents,” said Mayor Brown. “My Administration remains committed to further strengthening the City of Buffalo’s financial performance and the S&P rating upgrade for Buffalo Water is another indication that we are taking all of the necessary steps to achieve financial growth and economic strength. I commend Buffalo Water Board Chair OJ McFoy, and Buffalo Water, for their continued responsible fiscal stewardship as they embark on an even more aggressive water renewal and replacement program.” Mayor Brown also noted, “I am pleased the report specifically named the creation of Buffalo Water’s Residential Affordable Water program as a major ‘plus’, ensuring that all Buffalo customers are able to have access to affordable water.
“I am excited about what this upgrade means for Buffalo Water and the capital improvement projects that we have coming down the line. This A+ rating will allow us to invest even more in our aggressive efforts to address underground infrastructure,” said Oluwole OJ McFoy, Chairman of the Buffalo Water Board.
The S&P reports that this A+ rating reflects, in their opinion, the combination of a strong enterprise risk profile and a very strong financial risk profile. The enterprise risk profile of Buffalo Water takes into account location, regional economy, and operational management assessment.