American Water’s Corporate Credit Rating Receives Upgrade from Moody’s
August 14 2015 - 10:48AM
Business Wire
American Water (NYSE: AWK), the largest publicly traded U.S.
water and wastewater utility company, announced today that Moody’s
reported on Aug. 7, 2015, it had upgraded the long-term ratings of
American Water Works Company, Inc. and its financing subsidiary
American Water Capital Corp. to A3 from Baa1.
Moody’s stated the upgrade “reflects [the company’s] improving
financial profile, which we think is sustainable” and that the
company’s “financial profile continues to improve from a growing
utility rate base…and the strong margin contribution from
unregulated water and wastewater services.”
“We are pleased with Moody’s upgrade, which recognizes our
disciplined approach to investing and the strength of our balance
sheet,” said Linda G. Sullivan, senior vice president and chief
financial officer of American Water. “Having access to capital at
lower debt cost reinforces our ability to make needed investments
in our water and wastewater systems while balancing the impact it
has on the 15 million people we serve across the country.”
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 6,800 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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version on businesswire.com: http://www.businesswire.com/news/home/20150814005441/en/
American WaterGreg PanagosVice President, Investor
Relations856-566-4005gregory.panagos@amwater.comorMaureen DuffyVice
President, Communications856-309-4546maureen.duffy@amwater.com
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