Abstract
In his column, AWWA Executive Director David LaFrance discusses a report titled “The Ripple Effect: Water Risk in the Municipal Bond Market,” published by Ceres, an investor and environmentalist group. The report focuses on the relationship of water supply vulnerability and bond ratings and, among other things, is critical of bond rating agencies, saying they don't adequately evaluate water scarcity when assessing municipal water utilities. LaFrance argues that bond rating agencies don't evaluate supply risk in the same way as Ceres, and he discusses a host of other variables evaluated by bond rating agencies when they determine a utility's bond rating.
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