Moody's Upgrades Waverly Utilities Electric Revenue Rating to A1 from A2
on Tuesday, December 5, 2017
WAVERLY, Iowa (December 5, 2017) – Moody’s Investors Service has upgraded Waverly Utilities’ electric bond rating status from an A2 to an A1 due to solid financial performance improvements.
The A1 rating reflects Waverly Utilities’ Board of Trustees and management staff taking the necessary steps to improve debt service coverage and the overall financial position of the utility. In addition, contributing factors to the improved rating include the stabilization of wholesale generation and transmission costs, healthy liquidity levels, and relatively strong population growth.
The upgraded rating will allow Waverly Utilities to receive a lower interest rate for future bond offerings. Darrel Wenzel, CEO of Waverly Utilities, stated the improved bond rating gives current and future bondholders continued confidence in the success of Waverly Utilities.