S&P puts Aqua Pennsylvania on watch

S&P said it placed its ratings on Aqua Pennsylvania Inc., including the A+ issuer credit rating and its AA- first mortgage bond rating, on CreditWatch with negative implications.

“The CreditWatch placement reflects the high likelihood that Aqua's proposed transaction to acquire People Natural Gas will result in materially weaker consolidated financial measures for the overall group, increasing the probability that we could lower our ratings on Aqua-PA in the coming months by one or more notches. Aqua-PA is a core subsidiary of Aqua, consistent with our group ratings criteria,” S&P said in a news release.

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