The rating reflects the strong historic growth and solid socioeconomic characteristics of the service area comprising the southmost portion of the quickly growing Nashville metropolitan area, substantial pre-approved rate adjustments extending through 2030, and prudent historic as well as planned liquidity. These strengths are balanced by risks associated with the large capital program through 2030 which will require substantial rate adjustment and place significant pressure on leverage and affordability.
Proceeds from the United States Environmental Protection Agency Water Infrastructure Finance and Innovation Act of 2014 Long Term Water Supply Program Project Bonds (WIFIA Bonds) will fund a portion of the City of Columbia, TN (the City) Water System’s (the Water System’s) Long Term Water Supply Project (LTWSP) and pay the costs of issuance. The WIFIA Bonds are a senior lien obligation payable from the net revenues of the Water System. Security provisions include a 1.2x…
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