Press Release: MDC Announces Successful Sale of $69.6 M General Obligation Bonds

MDC Announces Successful Sale of $69.6 M General Obligation Bonds
Bonds to fund critical water and sewer capital projects

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(HARTFORD, CT) – The Metropolitan District (MDC) announced the successful sale of approximately $69.5 million of General Obligation bonds on October 7, 2026.  The bond issue of $69.6 million will finance $10.7 million in water projects, $36.9 million in sewer projects, and $22.0 million in combined funding projects.  Moody’s Investor Service affirmed its Aa2 rating with a stable outlook and S&P Global affirmed its AA rating with a stable outlook last month in advance of the October 7 sale. 

A strong municipal bond market yielded thirteen bidders for the competitive bond sale, with the MDC selecting Wells Fargo Bank, NA with a 4.541999% interest rate for the 20-year debt issuance.   Additionally, the issuance was advertised in the Bond Buyer, a daily national trade publication and online resource that serves the municipal bond community.

MDC CEO Scott Jellison stated, “I applaud our finance team putting together a competitive bond sale after getting the backing of the ratings agencies.  The successful sale of these bonds reflect the strength of MDC’s financial position, the confidence of the financial institutions in investing in MDC bonds and the importance of the infrastructure improvements we are making throughout our region.”

MDC Chairman Donald Currey said, “The Board is pleased with the outcome of this bond sale and grateful for the work of our finance team in achieving such a competitive result with thirteen bidders. This financing provides the resources needed to address essential infrastructure needs while reflecting our commitment to responsible fiscal management and protecting the long-term interests of our customers and member communities.”

Press Release: MDC Tunnel Project Meets Major Milestone

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MDC Tunnel Project Meets Major Milestone
Ribbon cutting celebrates Tunnel Pump Station construction completion

(Hartford, CT) The Metropolitan District (MDC) today celebrated another significant milestone in its South Hartford Conveyance and Storage Tunnel (SHCST) Project with the official ribbon cutting of the South Hartford Tunnel Pump Station, a critical component of the region’s Integrated Plan / Clean Water Project.

The new pump station will play an essential role in the operation of the SHCST, a four-mile-long deep rock tunnel designed to capture and temporarily store excess combined wastewater and stormwater during heavy rain events before conveying those flows to the Hartford Water Pollution Control Facility for treatment.

The completion of the $138 million South Hartford Tunnel Pump Station represents the next major step toward full operation of the tunnel system and demonstrates MDC’s continued commitment to meeting federal and state clean water requirements while protecting public health and the environment.

The tunnel, which extends beneath Hartford and West Hartford and was constructed 200 feet below ground in bedrock and can store approximately 41.5 million gallons of combined sewer overflows (CSOs), will protect local waterways and improve water quality throughout the region.

The SHCST is the largest and most complex infrastructure investment in MDC’s history and is a cornerstone of the utility’s ongoing Integrated Plan / Clean Water Project, a multi-billion-dollar wastewater infrastructure program undertaken to reduce CSOs and improve water quality and public health. When in operation, the tunnel will complement the infrastructure upgrades already made as part of the Clean Water Project that have eliminated over 500 million gallons of CSOs per year.

During the ceremony, MDC officials were joined by federal, state, and local leaders, project partners, and community stakeholders to recognize the years of planning, engineering, and construction that made the project possible.

“The completion of the South Hartford Tunnel Pump Station marks another transformative achievement for the MDC, ” said Scott Jellison, MDC Chief Executive Officer. “This facility is a vital piece of infrastructure that will help maximize the effectiveness of the tunnel system, reduce CSOs, improve water quality in our communities, and protect the Connecticut River watershed for generations to come.”

“The MDC, along with our partners at CT DEEP, are proud to invest in infrastructure that delivers lasting environmental benefits for our member towns and future generations,” said MDC Chairman Donald Currey. “Today’s ribbon cutting represents not only the completion of a major facility, but also our continued progress toward a cleaner, more resilient wastewater system for the region.”

“The completion of this project is an important step toward improving public safety for Hartford residents and communities downstream. It will also reduce wastewater entering local waterways, the Connecticut River, and Long Island Sound, helping improve water quality across the region.” said DEEP Acting Commissioner Emma Cimino. “We are grateful for the statewide support of Connecticut’s Clean Water Fund and for the partnership of the Metropolitan District, the City of Hartford, Connecticut’s federal delegation, Speaker Ritter, and everyone who helped make this project possible,” 

Press Release: Rating Agencies Affirm MDC’s Strong Financial Position

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S&P Rating Report
Moody’s Rating Report
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Rating Agencies Affirm MDC’s String Financial Position
MDC receives high bond ratings prior to $69.6 M GO Bond Sale

(HARTFORD, CT) – The Metropolitan District (MDC) announced today that Moody’s Investors Service and S&P Global Ratings have released their ratings on organization’s outstanding and upcoming general obligation bond issues. 

Moody’s Investor Service affirmed its Aa2 rating and S&P Global affirmed its AA rating on the MDC’s outstanding general obligation bonds.  Both agencies maintained these ratings for the MDC’s upcoming new general obligation and revenue bond issue and provided a stable outlook.

The MDC sought these ratings in advance of a $69.6 million new money general obligation bond sale planned for October 7, 2026.  The new money bond issue of $69.6 million will finance $10.7 million in water projects, $36.9 million in sewer projects, and $22.0 million in combined funding projects.

The ratings from Moody’s and Standard & Poor’s represent a high-grade rating awarded by each of these agencies. Because of these ratings, the MDC is assured of receiving favorable interest rates when it issues bonds to finance its capital projects.

MDC CEO Scott Jellison stated, “An Aa2 and AA rating from Moody’s and S&P, respectively is a powerful endorsement of MDC’s financial strength and long-term vision. We are continuing to make historic investments in water and wastewater infrastructure while maintaining the strong financial foundation that our customers and communities expect. This rating affirmation demonstrates confidence in our ability to execute on those commitments and sustain fiscal responsibility for years to come.”

MDC Chairman Donald Currey said, “These ratings reflect the Board’s unwavering commitment to fiscal responsibility and long-term infrastructure stewardship. The rating agency’s recognition affirms that MDC is successfully managing a substantial capital program while preserving financial stability and affordability for the region we serve. We remain focused on ensuring that future generations inherit a utility system that is resilient, reliable, and financially sound.”

The rating reports issued by the two credit rating agencies present a thorough, objective, and independent analysis of the MDC’s financial operations and credit strength.

S&P Global Ratings indicated the MDC’s “large ad valorem tax base contributes to rating strength and stability for the district” and its debt service obligations benefit from management’s ability to finance operations as its “diverse revenue streams help distribute costs over a wide base of users and helps with affordability considerations.”

Moody’s reports that its rating reflects the MDC’s “solid financial quality of its sewer and water funds” and lists the MDC’s credit quality is boosted by provisions of Public Act 17-1, which helps to enforce payments by member entities.