For Immediate Release                                                                     March, 2007

WaterOne to Sell $183 Million of Triple-A Bonds

On March 20, WaterOne will be selling $183 Million in Water Revenue Bonds, Series 2007.  These bonds will fund the construction of new water source facilities and a new water treatment plant at the Missouri River, as well as 17 miles of transmission main to transport the treated water into the district’s distribution system.

WaterOne has received affirmation of its ‘AAA’/‘Aaa’ rating from Standard and Poor’s Rating Services and Moody’s Investors Service respectively for the 2007 Bonds and existing senior parity debt.  Moody’s affirmed its Aa1 rating on WaterOne’s Junior Lien Bonds and Standard & Poor’s has upgraded its rating on the Junior Lien Bonds to AAA.   

These bond rating reflect WaterOne’s:

• Diverse and growing customer base
• Strong local economy and affluent service area
• Management's strong financial policies and practices
• Ample debt service coverage
• Manageable capital plan for the long-term needs of its customers
   

The 2007 Bonds will be sold by competitive public sale on March 20.   Award of major construction contracts will begin in April and the facilities are scheduled to be in service by the end of 2009.

Press Releases