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Moody’s rates Aqua America debt Baa2
Moody's Investors Service said it assigned a first-time Baa2 rating to the senior unsecured obligations of Aqua America, Inc.
The rating incorporates the acquisition financing plans associated with the purchase of PNG Cos., LLC (Baa2 positive), subject to final approvals, the agency said.
The outlook is stable.
“Aqua's credit is supported by low-risk utility operations focused in Pennsylvania, a very supportive regulatory environment,” Ryan Wobbrock, Moody’s vice president, senior credit officer, said in a news release.
“The addition of acquisition leverage will reduce Aqua's ratio of funds from operations to net debt by about 20%, to around 12% from its year-end 2018 ratio of over 15%, a credit negative.”
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