If you are on the verge of being bankrupt then the lost revenue associated with leaks, malfunctioning meters and water theft should be addressed  first.  By addressing the lost revenue and making the system more viable,  the system would obtain a higher rating and get better favor with the bond market especially with the interest rates.

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If you are on the verge of being bankrupt then the lost revenue associated with leaks, malfunctioning meters and water theft should be addressed  first.  By addressing the lost revenue and making the system more viable,  the system would obtain a higher rating and get better favor with the bond market especially with the interest rates.