Truckee Meadows Water Authority (TMWA) has issued Series 2016 Refunding Bonds, refinancing its 2006 bonds and eliminating $22.8 million in outstanding principal. The refunding will save $15 million in today’s dollars.
As part of the refunding effort, TMWA’s credit rating was upgraded by Standard and Poors from “AA- (positive outlook) ” to “AA (stable outlook).” Moody’s reaffirmed TMWA’s stable outlook. The success of TMWA’s 2015 consolidation with Washoe County Department of Water Resources and the South Truckee Meadows General Improvement District together with implementation of the Truckee River Operating Agreement, as well as strong operational and financial management metrics, underpinned the credit ratings.
