American Water, subsidiary receive upgrade of corporate credit rating
American Water Works Company recently announced that Moody's Investors Service has upgraded the company and its subsidiary, American Water Capital Corp., from 'Baa1' to 'A3.'
VOORHEES, NJ, Aug. 17, 2015 -- American Water Works Company (American Water), the largest publicly traded U.S. water and wastewater utility company, recently announced that Moody's Investors Service has upgraded the long-term ratings of the company and its financing subsidiary, American Water Capital Corp., from 'Baa1' to 'A3.'
Moody's stated that the upgrade "reflects [the company's] improving financial profile, which we think is sustainable" and that its "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, American Water senior vice president and chief financial officer. "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."
About American Water
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 approximately 6,400 dedicated professionals who provide drinking water, wastewater and other related services to an estimated 15 million people in more than 45 states and parts of Canada. For more information, visit www.amwater.com.