The Metropolitan Water Reclamation District of Greater Chicago (MWRD) has once again gained confidence from Fitch Ratings following the agency’s 2025 annual surveillance review. Fitch reaffirmed the MWRD’s current AAA credit rating and stable outlook, designating the review as “Review–No Action.” Additionally, the MWRD maintains a stable AA+ rating from S&P Global, and Moody’s Ratings announced in November that it had reaffirmed the MWRD’s rating of Aa1 with a stable outlook. These reaffirmations underscore the rating agencies’ ongoing confidence in the MWRD’s financial management, operational stability and commitment to maintaining long-term fiscal responsibility while protecting the region’s water environment.

Fitch’s review reflects the MWRD’s consistent performance, strong revenue base and proactive financial planning that support critical infrastructure investments across Cook County. Except for the MWRD’s Capital Improvement Bond Fund which accounts for bond sale proceeds, government grants and state revolving fund loans, MWRD funds are derived primarily from property taxes, which are levied in one year and collected the next year. 

The MWRD’s cost of wastewater services has been consistently and significantly lower than national and regional benchmarks, providing both value and quality to taxpayers. The 2026 estimated property tax for a $350,000 home is $368, about $1 a day for an essential service.

The MWRD’s strong standing enables the agency to invest in key priorities such as wastewater treatment, stormwater management and climate resilience projects that serve more than 5 million residents living in Chicago and 128 municipalities across Cook County. To protect the region’s water environment, the MWRD controls 76 miles of navigable waterways and owns and operates seven water reclamation plants, 560 miles of intercepting sewers, 23 pumping stations, 34 stormwater detention reservoirs, and 110 miles of deep tunnel and three connecting combined sewer reservoirs that are part of the MWRD’s famed Tunnel and Reservoir Plan.

The MWRD’s respected credit ratings are one of many financial highlights that demonstrate strong fiscal stewardship as noted by the following:

• In 2025, the MWRD received the Certificate of Achievement for Excellence in Financial Reporting from the Government Finance Officers Association (GFOA) for the 49th consecutive year.
• The GFOA has also recognized the MWRD with a Distinguished Budget Presentation Award for 40 consecutive years.
• The GFOA also recognized the MWRD Retirement Fund and the MWRD Retiree Health Care Trust with the Certificate of Achievement for Excellence in Financial Reporting for 31 and 17 consecutive years, respectively.
• The MWRD also continues to address pension liabilities through funding policies approved by the Board of Commissioners and supporting legislative changes for the MWRD Retirement Fund. From 2020 to 2025, the MWRD contributed $152.8 million in advance funding to the MWRD Retirement Fund, and the MWRD’s 2026 budget includes a $10 million appropriation.
• The MWRD’s Other Post-Employment Benefits (OPEB) Trust is fully funded thanks to solid investment returns and asset growth. 

“These strong credit ratings and solid fiscal health enable us to undertake the scope of work required across water quality, infrastructure, climate resilience and community protection — without compromising affordability or accountability,” said MWRD Chairman of Finance Marcelino Garcia. “We thank our Treasury and Finance Departments, Budget Section and hard-working staff at our facilities for maintaining healthy finances for the residents of Cook County relying on our services each day.”

For more information about the MWRD’s finances and bond ratings, visit mwrd.org/what-we-do/financial-reports.