American Water’s Corporate Credit Rating Receives Upgrades from Standard & Poor’s and Moody’s
May 08 2015 - 10:47AM
Business Wire
American Water (NYSE: AWK), the largest publicly traded U.S.
water and wastewater utility company, announced today that Standard
& Poor's (S&P) reported on May 7, 2015, it had upgraded the
corporate credit rating on American Water Works Company, Inc. and
its American Water Capital Corp. subsidiary to 'A' from ‘A-'.
Additionally, on April 22, 2015, American Water Works Company,
Inc. and American Water Capital Corp. received upgrades from
Moody’s to ‘Positive’ from ‘Stable.’
S&P stated its rationale for the upgrade as due primarily to
improved financial measures from company's effective management of
regulatory risk and continuation of its cost management
initiatives. Moody’s stated its upgrade was due to the “expectation
for a sustained improvement in the financial credit ratios,
including a ratio of funds from operations to debt” and also
“reflects its size, scale and diversity that results from regulated
utility operations across 16 states.”
“We are pleased with S&P’s and Moody’s decisions, which
reflect the advantage of our company’s geographic diversity and our
continuous efforts to strengthen our balance sheet,” said Linda G.
Sullivan, senior vice president and chief financial officer of
American Water. “This upgrade benefits the 15 million people who
depend on us to provide clean, safe, reliable and affordable water
services to them every day. Having greater access to capital at
lower debt costs enhances our ability to make needed investments
into our water and wastewater systems while balancing the impact it
has on the customers we serve.”
Founded in 1886, American Water is the largest publicly traded
U.S. water and wastewater utility company. With headquarters in
Voorhees, N.J., the company employs 6,400 dedicated professionals
who provide regulated and market-based drinking water, wastewater
and other related services to an estimated 15 million people in 47
states and Ontario, Canada. More information can be found at
www.amwater.com.
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American WaterEdward VallejoVice President, Investor
RelationsT: 856-566-4005edward.vallejo@amwater.comorMaureen
DuffyVice President, CommunicationsT:
856-309-4546maureen.duffy@amwater.com
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