Clackamas County Service District No. 1 refinances $83 million in revenue bonds to save $9.7 million

From: Edward Nieto, Clackamas County Water Environment Services, 503-742-4561

Clackamas County Service District No. 1 (CCSD#1) has refinanced four series of revenue bonds totaling $83 million with an interest rate of 2.17 percent that will save the district $9.7 million over the course of the loan and reduce its annual debt service payments by approximately $625,000.

Additionally, the district was able to free up approximately $7.6 million in reserves. These actions will help keep future rate adjustments down and provide additional funding for capital projects. The refinancing took place after financial information and analytics corporation S&P Global Inc. reaffirmed CCSD#1's "AA" long-term rating, which indicates a "very strong" capacity to meet financial commitments. An "AA" rating differs from the highest rating of "AAA" by only a small degree.

S&P Global cited several factors leading to its designation including CCSD#1's "very strong" financial risk profile and enterprise risk profile, sound operational management practices and policies, affordable rates, very low industry risk, "extremely" strong liquidity, and overall stable outlook.

Clackamas County Water Environment Services (WES) manages and operates the district. "The outstanding work of WES Finance Manager Doug Waugh and his team will help us keep rates low for our customers," said WES Director Greg Geist.

For more information, members of the media and public may contact Community Relations Specialist Edward Nieto at 503-742-4561 or 971-284-7094 (cell).