Today, Acting Director Matthew W. Garbark announced that the Baltimore City Department of Public Works (DPW) received an upgrade to its water utility credit rating by Moody’s from Aa3 to Aa2, enabling the Department to proceed with issuance of bonds for its water utility projects.

"On December 3, DPW closed a revenue bond deal valued at $663,780,000.  Of this amount, $107,375,000 is an initial issuance of bonds for the water utility and $301,475,000 and $254,930,000 is for the refinancing of existing bonds.  This refinancing will result in a net present value, long term savings of $43.1 million and $41.9 million for the water and wastewater utilities," said Acting Director Garbark. 

This transaction was the largest combined bond issuance to date for the Department of Public Works.

Despite the impact of the COVID-19 pandemic on the economy, DPW was able to successfully issue revenue bonds during a time of economic uncertainty due to its water utility's healthy financial position, the strong management and operational support of DPW's team members and the upgrade of the water utility's credit rating by Moody’s.  DPW goes to the bond market in order to finance our utility projects.