Press Release
For Immediate Release: September 25, 2014
Beyond Cash Donations: How New Forms of Giving Are Transforming Not-for-Profit Accounting
Evolving Funding Landscape for Not-for-Profits Not-for-profit organizations are being asked to do more with less,…
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Contact: Talia Girard, Public Affairs Specialist
(401) 461-8848 x394
Narragansett Bay Commission Receives AA- Financial Rating from Standard & Poor’s
The Narragansett Bay Commission (NBC) has received an excellent ‘AA-’ financial rating from Standard & Poor’s. Standard & Poor’s Financial Services Company publishes financial research and analysis on stocks and bonds and issues credit ratings for the debt of public and private companies, and other public borrowers such as governments and governmental entities.
The ‘AA-’ rating NBC received is a long-term and stable credit rating. The rating reflects the reviews of NBC’s large and diverse service area; its strong financial performance, and rates that remain competitive despite recent increases. What strengthens these deciding factors is the lack of autonomous rate setting authority, mitigated by credit supportive rate decisions and the large $401 million capital improvement program through 2020, mostly reflecting NBC’s combined sewer overflow (CSO) projects. NBC’s rates are regulated by the Rhode Island Public Utility Commission (PUC) and NBC has been adjusting rates on regular basis to help with the high cost of CSO construction projects.
NBC continues to exceed financially and continues to stay under budget. The Government Finance Officers Association (GFOA) presented NBC with the Distinguished Budget Presentation Award, Special Performance Measures Recognition and Special Capital Recognition,
and certificate for Excellence in Financial Reporting for its comprehensive annual report in June 2014.
“The NBC Board of Commissioners must painstaking balance both environmental and fiduciary responsibilities,” said NBC Chairman Vincent Mesolella. “The Standard and Poor’s organization’s recognition of NBC’s financial and managerial excellence and the Water Environment Federation’s National Water Quality Improvement award to the NBC are both signs that the NBC is fulfilling its mission to protecting Narragansett Bay for all Rhode Islanders”
The Narragansett Bay Commission owns and operates Rhode Island’s two largest wastewater treatments facilities and provides wastewater collection and treatment services to 350,000 people in the metropolitan Providence area and Blackstone Valley. For more information on the Narragansett Bay Commission’s award-winning contributions to environmental protection and wastewater management, contact the Public Affairs Office at (401) 461-8848 ext. 394, or visit us at www.narrabay.com.
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