GREENVILLE, S.C. (October 2, 2018) - Renewable Water Resources (ReWa), the non-profit entity responsible for providing regional wastewater treatment and collection services in and around Greenville County, is pleased to announce that it recently received notification from Standard & Poor’s Global Ratings (S&P) of the rating agency’s decision to upgrade ReWa’s credit rating to “AAA,” the highest credit rating possible. ReWa also maintains a credit rating provided by Moody’s Investors Service, which was upgraded in 2017 to “Aa1.”
In determining ReWa’s credit rating, S&P considered a variety of factors, including historical financial ratios, management’s operating practices, the utility industry generally, the vibrancy and growth in Greenville’s local economy and ReWa’s market position.
In evaluating these factors, S&P stated, “The upgrades reflect our opinion of ReWa's strong conservative management that has produced a historically strong financial performance and has effectively managed the system's assets while dealing with an increasing customer base.” S&P also emphasized the company’s strong financial management and robust interim reporting practices, as well as its rigorous long-term planning process and transparency and frequent updates of its five-year capital improvement plan. “ReWa’s reserve policy is robust and articulates a rationale for maintaining a strong liquidity position.”
“Stewardship – of ratepayer funds, of the environment and of the community we all call home – is one of our primary missions and ingrained in our everyday lives here at ReWa,” said Graham W. Rich, Chief Executive Officer, Renewable Water Resources. “This credit rating increase is evidence of our ongoing commitment to this stewardship, as well as our emphasis on transparency and efforts toward continuous improvement.”
About Renewable Water Resources (ReWa)
Since 1925, Renewable Water Resources (ReWa) has been committed to providing high-quality wastewater treatment services to the Upstate of South Carolina while promoting a cleaner environment, protecting the public health and water quality of the Upstate waterways and developing the necessary sewer infrastructure to sustain our community and growing economy.
With nine water resource recovery facilities and 352 miles of pipe, we serve a broad geographic area, including Greenville County and portions of Anderson, Laurens, Pickens, and Spartanburg Counties up to the North Carolina border. Each day an estimated 42 million gallons of water passes through our trunk lines and reclamation facilities before being cleaned and returned to our area rivers and streams. To learn more about ReWa, visit www.rewaonline.org.