American Water senior unsecured issuer ratings downgraded to 'Baa2' - Moody's |
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Mon, 15 Oct 2007 08:08
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MUMBAI (Thomson Financial) - Moody's Investors Service said it has downgraded American Water Capital Corp's senior unsecured issuer ratings to 'Baa2' from 'Baa1' with a stable outlook.Moody's said the rating reflects the loss of implied support from the company's current parent RWE AG following the initial public offering, its historically weak consolidated credit metrics and the increase in financial and operating risk going forward as a publicly traded stand-alone company.The ratings agency, however, confirmed American Water Capital's 'P-2' short-term rating.Moody's also assigned a 'Baa2' senior unsecured rating to the company's planned 1.5 bln usd note offering and a 'Baa2' senior unsecured issuer rating to its parent, American Water Works Company Inc.TFN.newsdesk@thomson.comvsr/manCOPYRIGHTCopyright Thomson Financial News Limited 2007. All rights reserved.The copying, republication or redistribution of Thomson Financial News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Financial News.
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