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Green Evaluation: Capital Region Water Series 2017 Sewer System Revenue Bonds, July 26, 2017

Capital Region Water (CRW), which provides water and wastewater treatment service to the Harrisburg, Pa., area, issued $44 million in 2017 sewer system revenue bonds to refund $29.7 million in 2014 revenue bonds; fund $19.5 million in certain capital improvements with respect to the wastewater treatment system; fund a debt-service reserve; and pay the cost of issuance. The issue date was May 18, 2017, with a final maturity of July 15, 2047. The 2017 bonds were not labelled green bonds, but S&P Global Ratings views all proceeds to be used for capital improvements to the wastewater treatment system as eligible to be evaluated under our analytic approach for a Green Evaluation. The 2014 revenue bonds were issued principally to finance the costs of the Advanced Wastewater Treatment Facility (AWTF) Improvement Project; other funds in the 2014 issuance and some of the 2017 proceeds are also used for other portions of CRW’s long-term wastewater treatment system capital-improvement plan.

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