Over the next few years Louisville Water Company will invest millions to maintain and improve the infrastructure that supplies drinking water to nearly one million people in the Louisville, Kentucky region. The investments are made possible in part by a successful bond sale.
Louisville Water sold $125.16 million in bonds, of which $90 million will fund capital projects over the next several years. The remainder will go towards refinancing the Company’s series 2014A bonds.
The bond issuance follows Standard & Poor’s (S&P) and Moody’s Investors Service assigning their highest marks for Louisville Water’s series 2022 bonds. In addition, S&P affirmed its AAA rating and Moody’s affirmed its Aaa rating for the Company’s previously issued bonds. In delivering the high ratings, both agencies cited Louisville Water’s strong and stable financial metrics, proactive financial planning and consistent investment in its capital assets. Additionally, S&P and Moody’s noted Louisville Water’s large service area and large and growing customer base.
“I’m proud that our strong financial position equals Louisville Water’s outstanding water quality,” said Lynn Pearson, Louisville Water’s Vice President of Finance and Treasurer. “A company-wide focus on strong fiscal management allows us to maintain favorable rates for our customers and provide best-in-class service.”
Louisville Water provides drinking water to Louisville Metro and seven surrounding counties in the region. Its treatment plants rank as two of the top 19 in North America for providing exceptional water quality.
“Louisville Metro’s place as an economic hub for the region is possible with a reliable, high-quality, and affordable supply of water. And Louisville Water plays an essential role in the distilling industry, which has helped grow Bourbonism in our city as an attraction and economic development tool,” said Louisville Mayor Greg Fischer. “Louisville Water is an anchor for public health and quality of life, and their leadership’s focus on smart planning and fiscal responsibility benefits us all.”
The bond sale is the first issuance since 2019.