Atlanta to offer $1.1 billion of subordinanate water and sewer debt

By: Robert Slavin

Excerpt from the article:

(May 7, 2026) S&P said the system's pump stations and water-conveyance infrastructure remain potential vulnerabilities, as evidenced by major water main breaks in 2024. Cumberland Advisors Executive Vice President and Chief Investment Officer John Mousseau said the infrastructure issues are a "concern if not addressed. The analogy is deferred maintenance on transit systems. If not addressed, it leads to issues that can affect debt service coverage."

KBRA paraphrases the U.S. Army Corps of Engineers as saying, "water system reinvestment needs could total billions of dollars over the next two decades, far exceeding the current dedicated allocation for water transmission and distribution improvements in the near term capital plan." Mousseau said the needs will have to be addressed and "bonds will be an important component."

The Department of Watershed Management provides water to retail customers in the city and some areas outside the city. It also provides water service to wholesale customers in three Fulton County cities and the counties of Coweta, Clayton and Fayette. 

Click here to read the full article on the Bond Buyer website. 

John R. Mousseau, CFA
Chief Investment Officer
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