Norfolk Water Earns Moody’s Aa1 Credit Rating Upgrade

NORFOLK, Va. – Moody’s Ratings (Moody’s) upgraded the City Water Utility System’s (System) credit rating to Aa1 (stable). This upgrade reflects the System’s financial strength, reliability and effective management of daily operations.

In its assessment, Moody’s highlighted the System’s exceptional financial profile, including healthy reserves, strong debt service coverage and robust liquidity. The rating also underscores the System’s operational capacity to meet the evolving infrastructure and water needs of users across the Hampton Roads region.

As responsible stewards of ratepayer funds, this upgrade will enable the System to secure lower cost financing for upcoming capital improvement projects, ultimately saving ratepayer dollars over the long-term.

The City remains committed to rigorous financial planning and sustainable environmental practices to ensure long-term financial stability and service excellence. These efforts directly support the resilience of Norfolk’s System, which serves 60% of the Hampton Roads population.

“Moody’s upgrade to an Aa1 rating underscores the strength and reliability of Norfolk’s Water Utility System and the sound financial management behind it,” said Mayor Kenneth Cooper Alexander, Ph.D. “This upgrade reaffirms our commitment to delivering high‑quality, reliable water services to residents and communities across the Hampton Roads region while upholding the highest standards of financial integrity.”

This upgrade reflects the strength of Norfolk’s credit profile. In addition to the upgraded Aa1 rating from Moody’s, the City Water Utility System maintains strong credit ratings from Standard & Poor’s Global Ratings (S&P) at AA+ and Fitch Ratings (Fitch) at AAA — the highest possible Fitch rating. Together, these robust ratings ensure Norfolk’s continued access to highly competitive, low-cost financing while underscoring the System’s exceptional financial resilience and long-term operational stability.