...NEW YORK (S&P Global Ratings) Feb. 1, 2018--S&P Global Ratings lowered its rating on The Metropolitan District Hartford County, Conn.'s clean water project (CWP) revenue bonds to '##-' from '##'. The outlook is stable. "The downgrade reflects the pressures that the capital-intense Clean Water Project (CWP) have placed on the district's finances, including an increase in leverage and lower all-in coverage for the bonds due to increasing debt service," said S&P Global Ratings credit analyst Erin Boeke Burke. The rating reflects our assessment of the district's very strong enterprise risk profile and strong financial risk profile. The bonds are secured by special sewer service surcharge (SSSS) revenues and to pay capital expenditures for the CWP. The surcharge is available only to pay debt service on CWP revenue, subordinate revenue, and general obligation (GO) bonds or clean water fund borrowings issued to finance the CWP. The district is in central Connecticut, midway between Boston and...
