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

Press Release
S&P Rating Report
Moody’s Rating Report

MDC receives high bond ratings prior to $82M sale and $21.9M refunding

(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 and refunding general obligation bond issue and provided a stable outlook.

The MDC sought these ratings in advance of an $82.0 million new money (series A) and $21.9 million refunding (series B) bond sale planned for August 8, 2024.  The new money bond issue will finance $61.8 million in water projects, $5.1 million in sewer projects, and $15.1 million in combined funding projects. The MDC will also refund the last 10-years of payments on the district’s 2014A general obligation bond issue.

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, “I am proud to report these favorable ratings to our member towns, district board and bond holders. With a sound financial ground, we can better plan and execute the necessary infrastructure improvements for our communities.”

MDC Chairman Donald Currey said, “These ratings demonstrate our prudent fiscal management of our member towns and rate payers’ resources and ensures the lowest possible borrowing costs for the investments we make in our infrastructure.  Also, we continually look for opportunities to lower costs by refunding existing debt for lower rates.”

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 that its rating reflects the MDC’s “affluent service area, along with strong historical financial performance” and its debt service obligations benefit from management’s ability to finance its operations from a “diverse revenue stream [which] helps distribute costs over a wide base of users and helps with affordability considerations.”

Moody’s reports that its rating reflects the MDC’s “solid operating performance for sewer, water and clean water fund” and lists the MDC’s credit strengths to include an ample water supply and treatment capacity and healthy financial operations.

Public Notice of Permit Application to Construct and Operate a Solid Waste Facility

NOTICE OF PERMIT APPLICATION
Town: Hartford
Notice is hereby given that The Metropolitan District (MDC; the “applicant”) of 555 Main Street, Hartford, CT 06103 has submitted to the Department of Energy and Environmental Protection an application under section 22a-208a of the Connecticut General Statutes for a permit to conduct a regulated activity in the construction, alteration or operation of solid waste facilities.

Specifically, the applicant proposes to operate a soil storage facility (transfer station). Less than 75 tons of soil will be managed per day. This facility provides temporary storage for potentially polluted or contaminated soil that is generated by MDC sewer and water main repair and installations within its eight-member town area. Soil is delivered to this facility typically during normal work hours. Analytical characterization is completed at the facility for proper disposal. The proposed activity will take place at 125 Maxim Road, Hartford, Connecticut. This proposed activity will potentially affect: The Connecticut River.

Interested persons may obtain copies of the application from Mr. Andrew Perham, CHMM, at The Metropolitan District, 555 Main Street, Hartford, CT, 06103. Telephone: (860) 278-7850, ext. 3449.

The application is available for inspection at www.themdc.org/news and at the Department of Energy and Environmental Protection, Bureau of Materials Management and Compliance Assurance, Waste Engineering and Enforcement Division, 79 Elm Street, Hartford, CT 06106-5127, telephone 860-424-3366 from 8:30 to 4:30 Monday through Friday.

Download Renewal for a Permit to Construct and Operate a Solid Waste Facility Application here

Press Release: MDC Holds Ribbon Cutting for North Hartford Community Outreach Office

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MDC HOLDS RIBBON CUTTING FOR NORTH HARTFORD COMMUNITY OUTREACH OFFICE
Office to support $170 Million Investment in Sewer Improvements

(HARTFORD, CT) – The Metropolitan District (MDC) held a ribbon cutting event for the North Hartford Community Outreach office located at 179 Barbour Street in Hartford earlier today. The purpose of the office is to provide MDC outreach staff with a location within the project area to engage with the community throughout the construction of the North Hartford Sewer Improvement Projects, an over $170 million investment to upgrade the area’s sewer infrastructure.

Construction, referred to as Phase I of the MDC’s Integrated Plan with CT DEEP, began in July of 2023 and includes multiple sewer separation, rehabilitation and lining projects that upgrade the sewer infrastructure both in the street as well as private property improvements.

MDC has three active sewer separation projects currently underway in North Hartford on Durham Street, Woodstock and Branford Streets and Westland Street.  In addition, sewer rehabilitation and lining projects are active in the Tower Avenue and Granby/Blue Hills areas with additional work scheduled to begin this year in the Gully Brook and North Meadows areas.

“I thank our Board of Commissioners, elected officials, regulators at CT DEEP and especially the members of the community for coming together to approve and begin $170 million in improvements for North Hartford.  This office is another way to communicate with our customers being affected by the work,” said MDC Chairman Donald Currey.

MDC CEO Scott Jellison stated, “Maintaining a presence in our construction area with a neighborhood outreach office demonstrates MDC’s commitment to rebuilding the infrastructure in North Hartford. I am particularly proud that we have been able to accomplish this with a 30% Hartford resident workforce goal.”