releases

KBRA Releases Report Assigning Rating to the Narragansett Bay Commission Bucklin Point Resiliency Improvements Project WIFIA Loan

On September 30, 2020, Kroll Bond Rating Agency (KBRA) assigned a long-term rating of AA with a Stable Outlook to the Narragansett Bay Commission Bucklin Point Resiliency Improvements Project WIFIA Loan. At the same time, KBRA affirmed the long-term rating of AA with a Stable Outlook on the Combined Sewer Overflow (CSO) Phase III Facilities WIFIA Loan.

Click here to view the report. To access ratings and relevant documents, click here.

Disclosures

Further information on key credit considerations, sensitivity analyses that consider what factors can affect these credit ratings and how they could lead to an upgrade or a downgrade, and ESG factors (where they are a key driver behind the change to the credit rating or rating outlook) can be found in the full rating report referenced above.

A description of all substantially material sources that were used to prepare the credit rating and information on the methodology(ies) (inclusive of any material models and sensitivity analyses of the relevant key rating assumptions, as applicable) used in determining the credit rating is available in the U.S. Information Disclosure Form located here.

Information on the meaning of each rating category can be located here.

Further disclosures relating to this rating action are available in the U.S. Information Disclosure Form referenced above. Additional information regarding KBRA policies, methodologies, rating scales and disclosures are available at www.kbra.com.

About KBRA

KBRA is a full-service credit rating agency registered as an NRSRO with the U.S. Securities and Exchange Commission. In addition, KBRA is designated as a designated rating organization by the Ontario Securities Commission for issuers of asset-backed securities to file a short form prospectus or shelf prospectus. KBRA is also recognized by the National Association of Insurance Commissioners as a Credit Rating Provider and is a certified Credit Rating Agency

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City of Corpus Christi Agrees to Invest in Water Infrastructure Improvements | U.S. EPA News Releases

News Releases from HeadquartersEnforcement and Compliance Assurance (OECA)

The City Will Eliminate Sanitary Sewer System Overflows and Illegal Discharges

09/25/2020

WASHINGTON (September 25, 2020) — Today, the U.S. Environmental Protection Agency (EPA) announced a settlement with the City of Corpus Christi to improve its sewer system, which, with more than 1,100 miles of sewer lines and more than 100 lift stations, is one of the largest sewer systems in Texas.

Under the settlement, the City has agreed to implement a comprehensive set of corrective measures and improvements to the City’s sewer system to resolve longstanding problems with sanitary sewer overflows (SSOs). An SSO occurs when sewage is released from a municipal sanitary sewer before it reaches the treatment works and can be caused by broken pipes or backups from blockages or infiltration of rainwater. The City also has agreed to pay a civil penalty of $1.136 million which will be shared equally with the State of Texas.

“EPA and the State of Texas worked alongside the City of Corpus Christi to develop a comprehensive solution to protect water quality,” said Susan Bodine, EPA Assistant Administrator for the Office of Enforcement and Compliance Assurance. “Today’s settlement benefits Corpus Christi residents and the environment by ensuring the City will upgrade their facilities to eliminate future violations.”  

The consent decree requires Corpus Christi to prioritize cleaning and evaluating the condition of sewer lines in locations that have historically experienced SSOs, comprising an area of roughly 40% of the entire sewer system. This will be completed within the first four years of the consent decree. In these areas, sewer blockages caused by the buildup of grease and debris and sewer line defects have led to SSOs. The City has also agreed to conduct cleaning and sewer assessments in the remaining portions of

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