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Moody's affirms Madison, WI's Aa2 sewer revenue rating; outlook stable

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November 25, 2019


New York, November 25, 2019 -- Moody's Investors Service affirms the Aa2 rating on the city of Madison, WI's outstanding sewer revenue debt. The outlook has been revised to stable from negative.


The Aa2 rating reflects the system's stable customer base that includes the Wisconsin (Aa1 stable) state capital and the University of Wisconsin's flagship campus, healthy debt service coverage supported by unlimited rate setting authority, strong liquidity and a modest debt profile.


The stable outlook reflects our expectation that the utility's debt service coverage and available liquidity will remain sound, given its unlimited rate setting authority and a stable customer base anchored by the significant institutional presence provided by the University of Wisconsin and the city's role as the state capital.

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