The Texas Water Development Board (TWDB) was assigned a 'AAA' rating by Fitch Ratings for this fall's bond issuance from the State Water Implementation Revenue Fund for Texas (SWIRFT). The 'AAA' rating is the highest assigned rating and will allow the TWDB to continue to pass on cost savings to its customers.
The TWDB will take the approximately $1 billion in bonds to market this fall and close on the SWIRFT loans by the end of the year. The entities receiving financial assistance from the SWIRFT are estimated to save over $115 million over the life of the loans.
The TWDB approved approximately $3.9 billion in funding over the next decade to 21 entities for 32 state water plan projects across the state in the first round of SWIRFT.
The TWDB expects to open the application process for the second round of SWIRFT in December 2015.