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Favorable ratings affirmed for Fort Worth drainage bonds

Posted April 19, 2018

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Fitch Ratings has assigned favorable ratings to City of Fort Worth bonds used for its stormwater utility.

The city’s approximately $114.9 million drainage utility system revenue bonds were rated AA+ by Fitch this month.

“The bonds are secured by a very stable and predictable revenue stream with the fixed drainage fee comprising a nominal 7 percent of the total utility bill,” Fitch reported in a news release. “The drainage fee is collected with water and sewer charges, and nonpayment of any portion of the bill results in termination of water services.”

Fitch noted that while the stormwater utility has reported healthy annual operating surpluses since its inception in 2006, capital needs have been placed at $1.5 billion, to be completed over 40 years. The city has identified up to $400 million in projects that are necessary to address critical flooding and erosion issues around Fort Worth.

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