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Loveland Water and Power is a municipally owned utility providing Loveland customers power, water and wastewater utility services.

In the News

Broadband bonds go to market with A+ rating

Securities rating agency S&P Global Ratings has given the two series of bonds supporting Loveland’s fiber-optic broadband network construction and operation an A+ rating.
Post Date:03/28/2019 4:31 PM

Contacts:  Tom Hacker, public information officer, 970-962-2302
                      Alan Krcmarik, acting finance director, 970-962-2625

Securities rating agency S&P Global Ratings has given the two series of bonds supporting Loveland’s fiber-optic broadband network construction and operation an A+ rating.

The bonds head to market in the coming weeks in two packages. The City’s Electric and Communications Enterprise will offer $60.9 million in 30-year tax-exempt bonds in one series, and another consisting of $28.785 million in taxable revenue bonds, completing the $88.8 million offering.

The A+ rating announced Wednesday, combined with interest rates that have dipped slightly, mean the city should fare well in the transaction that raises capital for the construction and initial operation of the fiber-optic broadband internet network that City Council approved earlier this year.

“This is the result of some really great teamwork within the City, with the broadband team, the Water and Power Department and the Finance Department all working so well together,” Acting Finance Director Alan Krcmarik said.

The City team, working with financial consultants and bond underwriters, has been finalizing the offering over the past several months. Krcmarik said the underwriting agency gave the City high marks for the work done.

“They told us, ‘You guys have not been in this business very long, but you act as if it’s something you’ve been doing all along,’” Krcmarik said.

S&P Global in its rating statement describes the bonds “to construct a fiber-optic telecommunication system that will provide high-speed internet and phone services.” The firm’s risk profile cites:

  • Strong operational management assessment;
  • Strong service area economic fundamentals;
  • Strong market position;
  • Extremely strong industry risk relative to other industries and sectors.

The rating is also based on the Loveland Water and Power business model, including “factors that offset the risks of providing telecommunication services that will compete against other providers in a dynamic marketplace.”

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  • On November 6, City Council adopted a resolution establishing a City-owned retail broadband utility.

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  • Unfortunately, The EV charging station located at the Library is currently non-operational. There are still three public charging stations available for public use

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Loveland Water and Power
200 North Wilson Avenue
Loveland, CO 80538
970-962-3000

Phone: 970-962-2111

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