Allegheny County Sanitary Authority, PA Debt Rating Raised To 'AA-' On Capital Program Clarity

NEW YORK (S&P Global Ratings) Oct. 11, 2022--S&P Global Ratings raised its long-term rating to 'AA-' from 'A+' on the Allegheny County Sanitary Authority (ALCOSAN), Pa.'s outstanding sewer revenue bonds. Additionally, we assigned our 'AA-'rating to ALCOSAN's $300 million series 2022 sewer revenue bonds. The outlook is stable. "The upgrade reflects additional clarity on the authority's large capital improvement program (CIP) and potential effects on future financial metrics, as well as a demonstrated willingness to adjust rates to maintain the current level of financial operation with increasing annual debt service requirements," said S&P Global Ratings credit analyst Edward McGlade. There is approximately $940 million in debt outstanding after the 2022 issuance. The 2022 series will be secured by the net

...October 11, 2022 NEW YORK (S&P Global Ratings) Oct. 11, 2022--S&P Global Ratings raised its long-term rating to '##-' from 'A+' on the Allegheny County Sanitary Authority (ALCOSAN), Pa.'s outstanding sewer revenue bonds. Additionally, we assigned our '##-'rating to ALCOSAN's $300 million series 2022 sewer revenue bonds. The outlook is stable. "The upgrade reflects additional clarity on the authority's large capital improvement program (CIP) and potential effects on future financial metrics, as well as a demonstrated willingness to adjust rates to maintain the current level of financial operation with increasing annual debt service requirements," said S&P Global Ratings credit analyst Edward McGlade. There is approximately $940 million in debt outstanding after the 2022 issuance. The 2022 series will be secured by the net revenues of the sewer system. The bonds proceeds will fund a portion of the ALCOSAN CIP. We consider bond provisions adequate. Pursuant to the indenture, the authority's...

Ratings Action