HOUSTON, February 17, 2022 – S&P Global Ratings has affirmed a rating of AA- on existing Bayport Area System revenue bonds for the Gulf Coast Authority (GCA), formerly Gulf Coast Waste Disposal Authority. The rating reflects a combination of GCA’s very strong enterprise and financial risk profiles, further supporting a stable outlook.
Specifically, GCA’s Bayport Facility provides wastewater services to a unique territory concentrated among more than 70 industrial users and provides significant cost benefits to customers that might choose to join a regional service versus providing their own treatment services. Further, GCA offers a distinct advantage in federal regulation that enables industry to directly discharge to the Authority.
“GCA has a long history of responsibly managing participant and customer funds,” said Elizabeth Fazio Hale, GM/CEO of GCA. “We are proud to preserve this financial standing, working to maintain and better our financial outlook for the Authority.”
Contributing factors include conservative budgeting, consistent financial position improvement, strong all-in debt service coverage, and maintaining liquidity at strong levels to provide additional reserves.
GCA’s strong governance comes from transparent communication with stakeholders as well as its midterm-term strategic and financial planning. Additionally, management continues to improve and update its emergency and freeze protection plans to prepare for future environmental events.
An explanation of the significance of the S&P ratings may be obtained from S&P on GCA’s website under Reports linked here. The rating reflects only the respective views of such organization.
Gulf Coast Authority was created by the Texas Legislature in 1969 to protect the waters of the State of Texas through environmentally sound, economically feasible, and technologically advanced wastewater and water management practices. GCA provides regional industrial and municipal wastewater treatment services, solid waste management, industrial water services, and financial services – all with the goal to protect the environment, preserve water resources, and promote industrial development for a strong economy. For more information, please visit www.gcatx.org.
Keith Hardcastle, Public Information Officer (281) 488-4115 | email@example.com