SWSC to Save Millions with Better Bond Rating

An upgrade in its bond ratings by Standard & Poor’s Rating Service will allow SWSC to save millions in debt service. S&P recently upgraded SWSC’s rating from “AA-with stable outlook” to “AA-stable,” which immediately translates into a present value savings of $2.43 million over the next 12 years due to debt refinancing. A recently issued revenue bond for future water and sewer infrastructure projects was also reduced from $24.8 to $21.1 million due to the rating upgrade.

“Our goal was to establish a sound and sustainable financial foundation in order to enable continued investment in our infrastructure while keeping rates affordable and stable,” said Joshua D. Schimmel, executive director of the commission.

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Executive Director Joshua Schimmel Attends White House Infrastructure Summit

Springfield Water and Sewer Commission Executive Director Joshua Schimmel attended a bi-partisan White House summit focused on infrastructure issues in early June. Schimmel was invited along with Springfield DPW Director Chris Cignoli and a bi-partisan group of governors, mayors, and other officials to discuss ways the federal government can assist with improving the nation’s infrastructure at the state and local levels. Schimmel identified placing time limits on permit review periods as an achievable way to reduce the time and costs associated with infrastructure construction projects.

Click here to read more about the summit on MassLive.com