Summary: Hoosac Water Quality District, Massachusetts; General Obligation

S&P Global Ratings affirmed its 'A' underlying rating on Hoosac Water Quality District, Mass.' (HWQD) series 2012 general obligation (GO) water pollution abatement bonds. The outlook is negative. The negative outlook reflects the rating linkage to North Adams (A/Negative), its largest member participant, representing about 70% of district revenues. We recently revised our outlook on North Adams due to likely revenue pressure facing the city over the next few years (For additional information, see the summary analysis on North Adams, published Aug. 25, 2020, on RatingsDirect). The bonds are secured by a GO of the HWQD, with debt service paid from sums annually apportioned to North Adams and Williamstown in accordance with the district agreement. The communities may raise all

...S&P Global Ratings affirmed its 'A' underlying rating on Hoosac Water Quality District, Mass.' (HWQD) series 2012 general obligation (GO) water pollution abatement bonds. The outlook is negative. The negative outlook reflects the rating linkage to North Adams (A/Negative), its largest member participant, representing about 70% of district revenues. We recently revised our outlook on North Adams due to likely revenue pressure facing the city over the next few years (For additional information, see the summary analysis on North Adams, published Aug. 25, 2020, on RatingsDirect). The bonds are secured by a GO of the HWQD, with debt service paid from sums annually apportioned to North Adams and Williamstown in accordance with the district agreement. The communities may raise all or a portion of the amounts to be paid to the district through service fees, their tax levy, or a combination. In accordance with state law, each community is allowed to levy taxes without limitation as to rate or amount...

Summary