OKC Utilities earns reaffirmed AAA and Aaa ratings from S&P, Moody’s
Published on October 20, 2025
S&P Global Ratings (Standard & Poor’s) and Moody's Investors Service (Moody's) have once again recognized the Oklahoma City Water Utilities Trust (OCWUT) with their highest possible credit ratings — AAA and Aaa, respectively — for its long-term debt. These designations continue to place OCWUT among the nation's most financially stable municipal utilities, within the top tier of utilities rated by both agencies nationwide.
The ratings apply to OCWUT’s upcoming Series 2025 Utility System Revenue and Improvement Bonds, totaling approximately $200 million. Both agencies also reaffirmed the highest ratings on OCWUT’s outstanding senior-lien bonds and maintained a stable outlook.
These ratings allow OCWUT to continue borrowing funds at the lowest-possible interest rates, saving money for customers and helping the utility effectively carry out its $2.8 billion, five-year capital improvement plan (CIP) for infrastructure upgrades, resiliency and long-term water supply.
In its report, Moody’s commended OCWUT for its “long history of solid operating results supported by proactive financial planning” before expanding on the utility’s “strong debt service coverage” and “ample liquidity.”
S&P echoed similar praise, affirming its AAA rating based on “exceptionally strong management practices that support robust financial metrics” and a demonstration of “strong alignment between financial and operational goals.”
Strengths cited include OCWUT’s broad and diverse service area that encompasses wholesale contracts with 17 communities, and sophisticated, long-range management policies and asset strategy, which target long-term water supply reliability and system expansion and resiliency.
Among its multiple current infrastructure projects is the 100-mile, second Atoka Pipeline, with estimated completion slated for 2028, helping the utility build drought resiliency and capacity management through 2060. Other projects include significant improvements to OCWUT’s water and wastewater treatment plants and accelerated small main replacement program across the city.
“Maintaining these top ratings speaks to our team’s disciplined approach to managing resources and planning for the future. They're also a reflection of the trust our customers and community place in us, " OCWUT General Manager and Utilities Department Director Chris Browning said. “We’re building infrastructure that will serve the city for decades, and we’re doing it in a way that keeps our system financially strong and sustainable.”
OCWUT’s financial stewardship, rate stability and commitment to infrastructure modernization continue to make it one of the most well-managed utility systems in the nation—ensuring reliable, sustainable water, wastewater and solid waste services for central Oklahomans for generations to come.
# # #
Media Contact: Jasmine Morris, (405) 297-1950, jasmine.morris@okc.gov