Significant Financial Achievements
The Board of Directors of WCID 157 would like to provide an update on some significant financial achievements.
- Moody’s recently upgraded WCID 157’s credit rating from “A2” to “A1”. This means that WCID 157 now has a better credit rating than about 95% of the special districts in Texas. The rating upgrade reflects WCID 157’s stable financials, strong reserve positions, and credit history. The rating upgrade helps to keep borrowing costs low for WCID 157’s capital projects, which benefits WCID 157 taxpayers.
- WCID is refinancing certain outstanding bonds to reduce debt service. On June 9, 2021, WCID 157 moved forward with the refinancing and achieved significant results. WCID 157 will realize a present value debt service savings on the refunded bonds of over 17.4 %. That is a gross savings of approximately $1,027,449 over the life of the bonds, or an annual average saving of approximately $62,269.
