U.S. Water & Sewer Finance
Revenue bond analysis covering rate covenants, capital improvement programs, regulatory compliance, consent decrees, combined sewer overflow mandates, and credit frameworks for major U.S. water and wastewater utilities.
Reference Guides
Water and Sewer Revenue Bonds: A Comprehensive Guide
Understanding the structures, covenants, and credit fundamentals of water and sewer revenue bonds issued by municipal utilities across the United States.
Water and Sewer Rate Covenant Compliance and Enforcement
How utilities maintain rate covenants, what happens when they breach them, and the credit implications of covenant violations and remediation.
Water and Sewer Capital Improvement Programs: Financing the Infrastructure Gap
Understanding capital planning, funding mechanisms, and the federal and state programs financing water infrastructure renewal across the United States.
Water and Sewer Credit Analysis: Rating Agency Frameworks and Financial Metrics
Understanding how S&P, Moody's, and Fitch rate water and sewer utilities using published criteria, financial metrics, and qualitative assessment.
Water and Sewer Regulatory Compliance: EPA Mandates, Consent Decrees, and Credit Impact
Understanding federal and state regulations, EPA enforcement, consent decrees, and the credit and financial implications of regulatory compliance for water and sewer utilities.
NYC Municipal Water Finance Authority: Financial Profile and Credit Analysis
Comprehensive financial analysis of the New York City water and sewer system, the largest municipal water utility in the United States.
San Francisco Public Utilities Commission (SFPUC): Financial Profile and Credit Analysis
Comprehensive financial analysis of the three-enterprise San Francisco Public Utilities Commission, integrating water, wastewater, and hydroelectric power systems.
DC Water and Sewer Authority: Financial Profile and Credit Analysis
Comprehensive financial analysis of the District of Columbia Water and Sewer Authority, a pioneer in innovative environmental financing and green bonds.
Los Angeles Department of Water and Power (LADWP): Water System Financial Profile
Comprehensive financial analysis of the water system component of LADWP, the second-largest municipal utility in the United States.
Water and Sewer Utility Financial Reporting: GASB Standards and ACFR Preparation
Comprehensive guide to GASB accounting and financial reporting requirements specific to water and sewer utilities.
Municipal Water Revenue Bond Credit Analysis: Key Metrics and Market Trends
Understanding DSCR, affordability constraints, and PFAS compliance impact on water utility credit quality
Essential Service Revenue Bonds: Water, Sewer, and Electric Utility Credit
Why essential service bonds are considered defensive, rate-setting, coverage ratios, and comparison to GOs.
Municipal Utility Rate-Setting: How Water and Sewer Rates Are Determined
Cost-of-service methodology, rate structures (flat, tiered, conservation), affordability metrics, and rate covenant compliance.