Aqua America Plans $280 Million Infrastructure Improvement Program
Company has secured funding for improvements planned in 2009
Aqua America, Inc. announced that it plans to spend approximately $280 million during 2009 to improve its water services infrastructure and that it has successfully engaged the capital markets to support that program.
The company’s largest subsidiary, Aqua Pennsylvania, Inc., recently entered into an agreement to issue $22 million in tax-free First Mortgage Bonds, to which Standard & Poor’s has assigned a secured debt rating of “AA-.”
The subsidiary has also been able to renew a $70 million short-term credit line with PNC Bank and TD Bank. “I am pleased that, in the current credit environment, Aqua is able to continue to maintain its business model and to finance infrastructure projects that will improve water quality and reliability and benefit the local economy,” said Nicholas DeBenedictis, Aqua America’s chairman and CEO. “Aqua Pennsylvania remains well-positioned to continue to make capital investments through its strong Standard and Poor’s ratings that are allowing the company to access the capital markets in times such as these.”