Late last week, Moody’s Ratings upgraded the City Utilities’ Stormwater bond rating to Aa1 from Aa2.
News release from the Fort Wayne City Utilities:
Moody’s Upgrade Reflects Strength in City Utilities’ Financial Management
Recognition underscores stability and long-term planningFort Wayne, Indiana (October 2, 2025) — Late last week, Moody’s Ratings upgraded the City Utilities’ Stormwater bond rating to Aa1 from Aa2. In their rating action announcement, Moody’s attributes the upgrade to “very strong financial metrics, strengthening debt service coverage, and a history of strong rate management.”
It’s the third rating upgrade for City Utilities in less than a year.
In December of 2024, Moody’s upgraded Water revenue bonds to Aa2 from Aa3 and Sewer bonds to Aa3 from A1.
“Moody’s findings underscore what City Utilities management does well every day — delivering essential and affordable services that support the health, safety, and growth of our community,” said Kumar Menon, Director of City Utilities. “These upgrades validate our Finance, Engineering and Operations teams’ disciplined stewardship. The lower interest rates this change could bring mean we can secure better financing rates and can complete more critical projects that benefit families, neighborhoods and businesses across Fort Wayne.”
When borrowing costs are reduced for City Utilities, it makes our community’s infrastructure dollars go further and allows for the funding of more neighborhood projects to replace aging water and sewer pipes and improve stormwater drainage.
“Moody’s upgrade places us just one below the highest rating, AAA, and affirms the financial strength and stability of our stormwater utility,” said Justin Brugger, Chief Financial Officer. “This recognition reflects our disciplined fiscal management, long-term investment in critical infrastructure, and commitment to protecting both our community and our environment.”
Moody’s has been a trusted name in financial ratings for over a century, helping guide decisions for communities, businesses, and governments worldwide. Their upgrade demonstrates real confidence in the way City Utilities manages its finances and invests in the infrastructure that supports Fort Wayne’s continued growth.
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