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S&P affirms Aqua Pennsylvania
Standard & Poor's said it affirmed the A+ corporate credit rating on Aqua Pennsylvania Inc. and the AA- senior secured debt rating on its outstanding first mortgage bonds with 1 recovery rating.
The outlook is stable.
S&P said the affirmation incorporates the expectation of adequate and timely rate relief and maintenance of current financial profile.
Ratings reflect the consolidated credit quality of parent Aqua America Inc. (unrated), the agency said.
A favorable regulatory environment, a strong service territory, a stable, mostly residential customer base, an absence of competition and low operating risk support the company's excellent business risk profile, the agency noted.
Elevated capital spending requirements for infrastructure replacement and increasing costs of compliance with water quality standards somewhat temper the company's strengths, S&P said.
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