For release: December 5, 2024
Moody’s Ratings Boost Underscores City Utilities’ Financial Strength, Catalytic Role in Economic Development
Fort Wayne, Indiana — Yesterday, City Utilities received a stamp of approval from the financial management firm Moody’s Ratings. The global company, providing credit ratings and risk analysis for corporations and governments, assigned a stable outlook to all three parts of City Utilities: Water, Sewer and Stormwater.
“This significant achievement reflects City Utilities’ role in economic and community development. By strategically deploying our regional services, we are meeting the demands of Fort Wayne and Northeast Indiana’s tremendous growth. Of equal importance, the Moody’s rating upgrade demonstrates the Utilities’ strong financial management and commitment to completing vital infrastructure projects for the community,” said Kumar Menon Director of City Utilities. “Whether it’s a major employer with a new build or expansion, a housing project, a school or a hospital, we’re there from planning to completion, providing the services needed for the community to grow. The findings by Moody’s highlight our financial dedication to infrastructure development and the bright future we’re helping to create.”
The analysis pointed to a stable outlook based on a growing Fort Wayne economy and a strengthening financial position.
Moody’s announcement includes:
- Upgrading City Utilities sewer bonds from A1 to Aa3
- Upgrading City Utilities water bonds from Aa2 to Aa3
- Affirming City Utilities stormwater bonds at Aa2
“The upgrades are a testament to the team’s focus on operational excellence and community service,” said Justin Brugger, City Utilities Chief Financial Officer. “They are a direct result of our disciplined approach to managing finances and ensuring that we deliver critical projects on time and within budget. These projects not only enhance our water and sewer systems, but also contribute to our community’s overall health and well-being.”
Improved bond ratings allow the Utility to secure lower interest rates and leverage our resources more effectively. The ratings’ upgrades translate into expanded funding for more neighborhood projects, such as replacing aging water pipes and improving stormwater drainage.