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S&P affirms American Water notes
Standard & Poor's said it affirmed its BBB+ unsecured debt rating on American Water Capital Corp.'s $75 million senior unsecured monthly notes due 2038 after the company increased the issue size by $25 million.
The outlook is stable.
Proceeds from the additional notes will be used to reduce short-term borrowings.
The agency said the excellent business risk profile of American Water Capital's parent, American Water Works Co. Inc., is supported by a favorable competitive position, a diverse and supportive regulatory environment and a stable, above-average service territory.
American Water Works' aggressive financial profile, uncertainties associated with planned equity offerings, elevated capital-spending requirements for infrastructure replacement, increased compliance costs with water-quality standards and the company's reliance on acquisitions to provide growth partly offset these strengths, S&P said.
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