Tuesday, December 7, 2010

Bexar Met, Financially Strong?

Bexar Met has been touting their "A" Bond rating, saying that Standard and Poors has found them financially fit.  However, Standard and Poors begs to differ.  They say the "A" rating was given along with a negative outlook.  Bexar Met is facing a bill in the legislature this legislative session that would dissolve the utility and eventually move its customers over to other more viable utilities such as SAWS.  Other utilities would be willing to take on Bexar Met debt because the utility has water rights to 90,000 acre feet of water but only uses half of it.

The Bexar Met board was definetely exaggerating its worth by claiming that all rate payers in the district would have to be compensated and it would make them instant millionaires.  But any utility that takes over Bexar Met will have to put in a large capital investment in order to upgrade facilities, some of which are in pretty bad shape.  Also the utility has been bleeding money and has a lot of debt, creditors would have to be paid off first.  More than likely rate payers would rather be guarenteed to have water than to have all the Bexar Met facilities sold off to the highest bidder.  So if you're in Bexar Met, don't expect to see any million dollar payouts.


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