On behalf of The City of Fort Worth, TX, I would like to welcome you to our new investor relations website. We appreciate your interest and investment in bonds issued by the City, as it allows us to make critical investments in public infrastructure throughout Fort Worth. We are committed to maintaining our strong bond ratings, and we are also committed to being as transparent as possible with the investor community and public at large.
I hope you find this website useful as you seek to better understand the credit fundamentals of Fort Worth. Please do not hesitate to contact our office with suggestions for how we can be doing better. Thanks again for your interest in our bond program.
May 12, 2017 -- Issue: Water and Sewer System Revenue Refunding and Improvement Bonds, Series 2017A; Rating: Aa1; Rating Type: Underlying LT; Sale Amount: $112,785,000; Expected Sale Date: 05/23/2017; Rating Description: Revenue: Government Enterprise;
Summary Rating Rationale
Moody's Investors Service has assigned a Aa1 underlying rating to the City of Fort Worth, TX's $112.8 million Water and Sewer System Revenue Refunding and Improvement Bonds, Series 2017A. Concurrently, we have affirmed the Aa1 rating on the system's $554.8 million of outstanding senior lien parity debt. The outlook is stable.
The Aa1 rating reflects the system's stable customer base and large service area that extends beyond the City of Fort Worth. The Aa1 rating also reflects the system's healthy debt service coverage and improving, but still below average, days cash on hand. The Aa1 further reflects the strong fiscal management, multiyear capital planning, a manageable debt profile and weak legal provisions.