HARTFORD – Citing the Metropolitan District Commission’s (MDC) strong financial position, efficiency and management, two major credit rating agencies have given high ratings to the MDC in advance of a $9.1 million bond issue.

Standard and Poor’s (S&P), in re-affirming its AA+ rating, commented on the strong credit quality of the MDC’s eight member municipalities; the MDC’s historically strong financial performance and management; the MDC’s low debt burden, and its manageable five-year capital improvement program.

S&P stated in its report that “the stable outlook reflects the expectation that the district will continue to maintain sound operations and solid financial performance.”

Moody’s Investors Service’s rating remained at Aa1. However, the service did assign a negative outlook to the rating, citing a recent decline in the District’s General Fund balance; and the below average economic profile of its largest member, the City of Hartford.

            The ratings were issued in advance of the MDC’s November 12 sale of bonds to finance a variety of water and water pollution control improvement projects. The bonds were purchased by Wachovia Bank, National Association at a true interest cost of  3.442929%.

            The $9.1 million in bonds will be used to fund a variety of projects, primarily sewer related. Among the projects are improvements to the sludge handling, processing and incinerating equipment at the Hartford Water Pollution Control Facility and general sewer and water system improvements.

            A non-profit municipal corporation chartered by the Connecticut General Assembly in 1929, the MDC supplies water and sewer services to its eight member municipalities in Connecticut:  Bloomfield, East Hartford, Newington, Rocky Hill, West Hartford, Wethersfield and Windsor.  In addition, the Dis­trict supplies treated water to Portland and portions of Glastonbury, East Granby, South Windsor and Farmington. 

            The MDC also owns and operates two, three-megawatt hydroelectric power stations, one at the Goodwin Dam in Hartland and one at the Cole­brook River Dam in Colebrook.  The District is under contract with the Connecticut Resources Recovery Authority to provide transportation and waste processing for the Mid-Connecticut Project. Also, the District is under contract with Riverfront Recapture Inc. to provide maintenance services at the Connecticut River parks in Hartford and East Hartford.

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