Standard and Poor's and Fitch Ratings assign "AAA" rating for state revolving fund revenue bonds

For immediate release. Contact: Media Relations at 512-463-5129

AUSTIN – (February 21, 2019) – Standard and Poor's (S -and-P) and Fitch Ratings have both assigned "AAA" ratings for the Texas Water Development Board's (TWDB) upcoming issuance for the state revolving fund (SRF) revenue bonds.

The TWDB will issue approximately $228.3 million SRF revenue bonds, new series 2019. The bonds are expected to price via negotiated sale the week of March 11.

Bond proceeds will be used to finance water, wastewater, and stormwater projects through the SRF program. Last spring, the TWDB cross-collateralized the Drinking Water and Clean Water SRFs for the first time. This allows the TWDB to fund the projects and the required state match with one bond issuance, reducing costs and increasing program efficiency.

The TWDB is the state agency charged with collecting and disseminating water-related data, assisting with regional planning, and preparing the state water plan for the development of the state's water resources. The TWDB administers cost-effective financial assistance programs for the construction of water supply, wastewater treatment, flood control, and agricultural water conservation projects.