S&P upgrades county’s solid waste system revenue bonds

Standard and Poor’s (S&P) Ratings Services, a well-known global rating agency and one of the few nationally recognized Statistical Rating Organizations by the U.S. Securities and Exchange Commission, recently upgraded the ratings on three series of Miami-Dade County Public Works and Waste Management Department (PWWM) solid waste system revenue bonds. The PWWM’s 1998, 2001 and 2005 solid waste system revenue bonds all were upgraded from “A” to “A+” with a stable outlook by S&P.

“I am very pleased to see the hard work and financial stewardship of the Public Works and Waste Management Department be recognized by a prestigious rating agency such as Standard and Poor’s,” said Miami-Dade County Mayor Carlos A. Gimenez.

“This rating upgrade by Standard and Poor’s speaks to our department’s ongoing efforts to become and remain more competitive as we continue to maintain a high level of service for our residents and disposal customers,” said Alina T. Hudak, deputy mayor and interim department director for PWWM.

According to S&P, the rating upgrade “reflects the system’s maintenance of good annual debt service coverage and liquidity, even as the county continues to address its capital needs for its waste management department.” The PWWM’s waste management system is the largest government-owned and operated waste collection and disposal system in the southeastern United States.

The PWWM provides waste collection services to more than 320,000 households in unincorporated Miami-Dade County and nine municipalities; curbside recycling services to more than 350,000 households in unincorporated Miami- Dade County and 20 municipalities; and countywide disposal services.

Miami-Dade’s solid waste system includes a network of two landfills, three transfer stations, 13 neighborhood trash and recycling centers, and one of the largest and most advanced waste-to-energy facilities in the world.

For more information about the PWWM, visit www.miamidade.gov/publicworks.

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