S&P affirms American Water

Standard & Poor's said it affirmed the BBB+ rating on American Water Capital Corp.'s remarketed $10.635 million unsecured industrial development revenue bonds due Sep. 1, 2028, issued through the Industrial Development Authority of the County of Maricopa (Arizona). The remarketed bonds were originally issued in 1998, S&P said.

The ratings reflect the consolidated credit quality of the company, S&P said.

A favorable competitive position, a diverse and supportive regulatory environment and a stable, above-average service territory support the company's excellent business risk profile, the agency said.

Its aggressive financial profile, 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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