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Press Release: Rating Agencies Reaffirm MDC’s Stable Financial Outlook

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

RATING AGENCIES REAFFIRM MDC’S STABLE FINANCIAL OUTLOOK
District maintains favorable rating in advance of upcoming bond sales

For Immediate Release
August 15, 2022

(HARTFORD, CT) – MDC Chief Executive Officer Scott W. Jellison announced today that S&P Global Ratings and Moody’s Investors Service have released their ratings on the District’s upcoming and outstanding bonds. S&P Global Ratings raised its rating on MDC’s outstanding clean water project revenue and revenue refunding bonds to ‘AA’ from ‘AA-‘ and affirmed its ‘AA’ rating on MDC’s outstanding and upcoming general obligation bonds while maintaining its stable outlook for all rated debt.

Moody’s Investor Service reaffirmed its ‘Aa2’ rating on outstanding clean water project revenue and its ‘Aa3’ rating on MDC’s outstanding and upcoming general obligation bonds while maintaining its stable outlook for all rated debt. The MDC sought these ratings in advance of an $86.2 million bond sale planned for August 16, 2022. These bonds will finance $23.9 million in water projects, $38.1 million in sewer projects, and $24.2 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 this rating, The MDC is assured of receiving favorable interest rates when it issues bonds to finance its capital projects.

“I am proud to report these favorable ratings to our member towns, staff and bond holders. They demonstrate our prudent fiscal management during the significant challenges of the past several years. Specifically, the cost of compliance with state and federal mandates, the pandemic’s impact on our personnel, and global unrest and inflation’s impact on the costs and availability of goods for construction and operations” said CEO Jellison. “Our strong bond ratings allow us to invest and improve our complex infrastructure at the lowest possible costs to our member towns and rate payers.”

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 supported its raised rating by reporting that “all of MDC’s debt benefits from management’s ability to finance its operations from [a] diverse revenue stream that includes ad valorem taxes” and “the relative stability of those revenues.”

Moody’s reports, “[The rating] reflects the MDC’s large and stable service area with well above average income levels particularly in the suburban cities” and lists the MDC’s credit strengths to include an ample water supply, treatment capacity and healthy financial operations.

Press Release: No Water Use Restrictions for MDC Customers


NO WATER USE RESTRICTIONS FOR MDC CUSTOMERS
Reservoirs at normal levels for July

July 14, 2022
For Immediate Release

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(HARTFORD, CT) – Earlier today, the State of Connecticut’s Interagency Drought Working Group issued a water conservation request as part of a “Stage 2” drought declaration.  While water conservation is always prudent, there are currently no mandatory or voluntary water use restrictions being requested of Metropolitan District (MDC) customers.

Even with recent dry conditions, as of today, the MDC drinking water reservoir supply stands at over 94.5% of capacity, which represents approximately 628 days of supply in storage which assumes regular water production and zero rainfall over that time period. This is normal when compared to historical capacity of our reservoirs and current water production demands for this time of year.

The MDC’s water supply is unique in that it is a surface water supply system of reservoirs that includes the 30.3 billion-gallon Barkhamsted Reservoir and the 9.5 billion-gallon Nepaug Reservoir. The Barkhamsted Reservoir is the largest drinking water reservoir in Connecticut, while the Nepaug is the fourth largest. When full, these two reservoirs store almost 40 billion gallons of water, a volume equivalent to 660 days of supply or 22 months of typical water use.

Because of the large size of its reservoirs relative to the amount of water typically used, the MDC is better able to sustain operations during dry conditions than other water utilities in Connecticut.  It is important to note that the MDC’s vast Barkhamsted Reservoir watershed area, that extends into Massachusetts, can receive rainfall even if the greater Hartford area doesn’t.

The MDC will continue to monitor weather conditions and reservoir levels and advise customers if and when conditions warrant any water use restrictions in our service area. 

MDC 2021 Water Quality Report

2021 Water Quality Report
2021 Water Quality Report (Spanish)
Press Release

MDC RELEASES ANNUAL WATER QUALITY REPORT
 MDC water met or exceeded all State and Federal standards

For Immediate Release
June 28, 2022

(HARTFORD, CT) The Metropolitan District (MDC) announced today that the drinking water provided to its customers once again met or exceeded all state and federal standards.

The 2021 Water Quality Report is required by the Environmental Protection Agency (EPA) under the Safe Drinking Water Act.  The 2021 Water Quality Report was mailed out to MDC customers this month.  Additionally, a copy of the report is available online to view and download on the MDC’s website at www.themdc.org.

In 2021, the MDC’s potable water was once again in compliance with all state and federal drinking standards. The report includes a description of the MDC’s source waters, treatment techniques, a list of substances the water is tested for and more.

Each year the MDC conducts over 140,000 tests on the water obtained from its reservoirs, treatment plants and other sampling sites throughout the distribution system.  In 2021, the MDC distributed an average of 47.6 million gallons of water per day to a population of approximately 400,000.

“The MDC strives to provide our customers with the highest quality drinking water. Each MDC employee plays a critical role in protecting, treating and delivering our water from the source to the tap,” stated MDC CEO Scott Jellison.

Press Release: MDC’s Ray Baral Recognized By Water Industry

MDC’S RAY BARAL RECOGNIZED BY WATER INDUSTRY
MDC employee honored for contributions to drinking water industry

For Immediate Release
June 13, 2022
Press Release PDF Download

(HARTFORD, CT) The Metropolitan District’s (MDC) Ray Baral was recently named a recipient of the 2022 George Warren Fuller Award by the Connecticut Section of the American Water Works Association (CTAWWA). Baral was honored for his outstanding career in the water industry that has spanned over three decades and was presented with the award at the CT AWWA’s Annual Conference in May.

The Fuller Awards are presented annually by the AWWA to a member of each state’s respective section. Awardees are professionals who have exemplified distinguished service in water supply management and engineering fields and have proven themselves as outstanding and extraordinary leaders. Honorees for this prestigious award, the highest in the industry association, are chosen by their peers.

Baral has worked in the water industry for over 33 years, including over 19 years as an MDC employee. He is currently the MDC’s Assistant Manager of Water Treatment and has served in multiple leadership roles with the AWWA both in Connecticut and nationally and continues to serve on various committees that support public health and safe drinking water.

“Ray has played an instrumental role in ensuring the high quality of the MDC’s water and promoting public health. The acknowledgement of his peers demonstrates why the MDC is fortunate to have a professional like Ray with us and I am confident he will continue to lead us into the future,” stated MDC CEO Scott Jellison.