Standard & Poor’s Affirms ‘A+’ Credit Rating at American States Water Company and Golden State Water Company
May 22 2015 - 10:11PM
Business Wire
American States Water Company (NYSE:AWR) today announced that
Standard & Poor’s Ratings Services (“S&P”) affirmed the
‘A+’ credit rating on both American States Water Company and its
wholly-owned subsidiary, Golden State Water Company (“GSWC”).
S&P also revised its rating outlook to stable from positive on
both companies.
According to S&P’s May 22, 2015 press release, the revised
outlook to stable reflects the Company’s recent announcement that
its Board of Directors has approved a new stock repurchase program
authorizing the Company to repurchase up to 1.2 million shares,
which may lead to changes in certain financial measures more
consistent with the middle of the range for the intermediate
financial risk profile category, as defined by S&P’s criteria.
However, S&P’s press release also notes that the share
repurchase program does not change their view of the Company’s
financial policy because it is intended to enable the Company to
achieve a shareholders’ equity ratio that is more reflective of
appropriate equity ratios for its subsidiaries.
S&P’s corporate credit ratings range from AAA (highest
rating possible) to D (rating for default), reflecting S&P’s
opinion of a company’s overall capacity to meet its financial
obligations. Credit ratings are not recommendations to purchase,
sell or hold a security and are subject to change or withdrawal at
any time by the rating agency.
Certain matters discussed in this news release with regard to
the Company’s expectations may be forward-looking statements that
involve risks and uncertainties. The assumptions and risk factors
that could cause actual results to differ materially, include those
described in the Company’s Form 10-Q and Form 10-K filed with the
Securities and Exchange Commission.
About American States Water Company
AWR has a long history of returning value to shareholders and
since 1931 has paid dividends to shareholders every year,
increasing the dividends received by shareholders each calendar
year for sixty consecutive years.
American States Water Company is the parent of Golden State
Water Company and American States Utility Services, Inc. Through
its utility subsidiary, Golden State Water Company, AWR provides
water service to approximately 258,000 customers located within 75
communities throughout 10 counties in Northern, Coastal and
Southern California. The Company also distributes electricity to
approximately 24,000 electric customers in the City of Big Bear and
surrounding areas in San Bernardino County, California. Through its
contracted services subsidiary, American States Utility Services,
Inc., the Company provides operations, maintenance and construction
management services for water and wastewater systems located on
military bases throughout the country through 50-year privatization
contracts with the U.S. government.
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American States Water CompanyEva G. TangSenior Vice
President-Finance, Chief Financial OfficerTreasurer and Corporate
SecretaryTelephone: (909) 394-3600, ext. 707
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