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Moody’s assigned Aa3 rating on Vera Water and Power’s revenue refunding bonds

Moody’s assigned Aa3 rating on Vera Water and Power’s revenue refunding bonds

Moody’s maintained Vera’s Aa3 rating on outstanding revenue debt.

SPOKANE VALLEY, Wash., August 7, 2017 — Moody’s Investors Service has assigned an Aa3 rating to Vera Water and Power’s $5.8 million water and electric power revenue refunding bonds, 2017B.

Moody's also maintained the Aa3 rating on the enterprise's outstanding revenue debt. Post-sale, the District will have $16.3 million of outstanding revenue debt.

The Aa3 rating incorporated the District’s history of strong debt service coverage and cash management practices, favorable water and electric retail rates compared to regional peers, and low-cost power supply from the Bonneville Power Administration. The rating additionally considered the stability of the water supply and the small size of the system and customer base located within the Spokane metropolitan area.

Since 1908, Vera Water and Power has been serving the people of the Spokane Valley. As a publicly-owned utility, its mission has been to deliver safe, reliable electricity and water at the lowest cost possible while providing high-quality customer service and respecting the environment.

Today, Vera Water and Power serves approximately 11,200 customers and employs 37 people. The District is governed by a five-person board of directors who meet the second Wednesday of each month at 6:30 p.m. in the District office, located at 601 N. Evergreen Rd.

Catherine Cronin

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