Norfolk Water Receives Credit Rating Upgrade to AAA from Fitch Ratings

NORFOLK, Va. - On September 24, Fitch Ratings ("Fitch") upgraded the City of Norfolk's Water Utility System's (the "System") credit rating to AAA, the highest possible rating. This upgrade reflects the strength and reliability of the System's financial management and operations.

The rating highlights the System's exceptional financial profile, including healthy reserves, strong debt service coverage levels, and robust liquidity. It also underscores the operational capacity of the System to meet the future needs of its users across the Hampton Roads region.

As responsible stewards of our ratepayer's money, this rating upgrade will enable the System to secure lower cost funding when financing key capital improvement projects. More importantly, it showcases the financial strength of the System and reflects the continued efforts of Norfolk City Council and management to fortify the System's financial position - efforts that have consistently paid dividends over the years.

"We are proud to receive this prestigious rating from Fitch, which reflects the strength of our financial management. This upgrade not only underscores our diligent financial practices, but also reinforces our dedication to providing high-quality, reliable water services to our community. It ensures we can continue to meet the evolving needs of our residents and the larger Hampton Roads area while maintaining financial integrity," states Norfolk Mayor Kenneth Cooper Alexander, Ph.D.

The City remains committed to rigorous financial and strategic planning, as well as sustainable practices, to ensure service excellence, financial stability, and growth. These efforts will continue to support the resilience and investment in the System's infrastructure.

This upgrade makes the System one of eight water and/or sewer systems in Virginia rated AAA by Fitch.