Special to IFN

The Town of Mooresville’s Water and Sewer Enterprise’s Revenue rating was recently upgraded from Aa2 to Aa1 by Moody’s Ratings (Moody’s). The upgrade reflects that the utility system benefits from very strong management by the town, resulting in solid debt service coverage and well-developed capital planning, town officials said in a news release.

Factors that led to Mooresville’s upgrade were noted by Moody’s as a “demonstrated ability to complete planned capital projects while maintaining over 500 days cash on hand and over 3.00x debt service coverage,” along with “significant growth in system size to levels commensurate with higher rated peers.”

“The Aa1 rating on our utility revenue bonds is great news for us as we look towards building future ready infrastructure for thoughtful growth as part of our strategic plan,” said Christopher Quinn, chief financial officer for the town.

“This will enable us to borrow money to fund future water and sewer projects at a potentially lower interest rate, saving taxpayer dollars in the future,” he added.