Fitch Ratings has withdrawn ratings of the V.I. Water and Power Authority, due to a lack of transparency from WAPA’s management.
The announcement comes amid myriad ongoing issues at WAPA, including power failures, water quality concerns, cash flow challenges, and a fuel spill at the Randolph Harley Power Plant on St. Thomas that ended up in Lindbergh Bay.
The lack of confidence from Fitch, which is one of the three major bond rating agencies in the U.S., could potentially drive up borrowing costs and negatively impact WAPA’s bottom line.
WAPA CEO Andrew Smith and spokeswoman Shanell Petersen have not responded to several requests for comment from The Daily News about what the announcement by Fitch will mean for WAPA, and why WAPA has not been transparent with its finances.