Press Releases

New Orleans, LA - Sewerage and Water Board of New Orleans (SWBNO) acknowledges the S&P Global Rating's decision to lower the Water and Sewer system's credit rating A- and A, respectively, to BBB+.  

S&P cited several factors in its decision-making process, including lower projected debt service coverage due to rising operational and capital expenses and the removal of fair share funding from consideration in their rating process. The agency also considered broader external considerations including the city budget dynamics, rate-setting process, and uncertainties related to federal funding. 

S&P noted in its assessment, "While there have been recent changes in upper management, we anticipate these changes will not negatively impact credit given the new Executive Director's successful track record in securing funding for aging infrastructure in similarly challenged metropolitan systems. We believe this experience will be instrumental in maintaining public confidence and continued support for the system's financial needs."

Separately, Executive Director Hayman recently invited EPA Director of Wastewater Management to speak at the board's retreat on topics of aging infrastructure and financing of water systems. During the session, he reviewed the Water Distribution Immediate Action Plan and noted it was a well-thought-out plan.

While the change reflects current financial conditions and ongoing infrastructure needs, we remain committed to serving the community. 

"Our focus is on making steady progress to maintain reliable service while identifying new ways to fund the improvements we need," said Executive Director, Randy Hayman. " We're currently working with partners at the federal level to explore additional resources that support improving our infrastructure." 

SWBNO remains committed to prioritizing fiscal responsibility and addressing critical infrastructure needs for all residents and visitors of New Orleans. 

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