In evaluating water and wastewater utility capital programs, credit rating agencies give weight not only to traditional financial parameters, but also to the quality of capital program management. Further, effective capital program management can help to reduce costs, increase efficiency, and improve the alignment of investments with capital needs. Based on rating agency publications and best practices in both the utility and general municipal sectors, this paper offers approaches for enhancing the effectiveness of water and wastewater capital program planning and management, and ultimately, credit quality. These approaches are based on four premises: capital programs should be developed in the context of sound financial planning; project planning and prioritization practices must be based on rigorous systems for managing assets and anticipating externally generated demands; progress toward implementing quality projects on time and on budget should be supported by accountable staff and strategic processes and controls; and, the status of the capital program must be accurately tracked and effectively communicated to internal and external stakeholders. Includes 13 references.