United Waterworks, United Water New Jersey on developing watch list - S&P |
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Mon, 29 Oct 2007 08:03
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MUMBAI (Thomson Financial) - Standard & Poor's Ratings Services revised its watch status on United Waterworks and United Water New Jersey to creditwatch with developing implications from positive watch.The rating agency said it will watch the the post-merger business strategy, financial structure, and financial policy of United Waterworks by Suez Environment, which have not yet been publicly announced.The rating agency had earlier placed them on positive watch to reflect the pending merger between Suez Environment's parent Suez SA and French utility Gaz de France SA.But, the sale of Suez Environment, Suez's water and wastewater subsidiary, suggests potentially less support by Suez-GDF than previously incorporated into the ratings on United Waterworks and United Water New Jersey, the rating agency said. Under revised terms, 65 pct of the share capital of Suez Environment will be spun off to Suez shareholders during the merger. United Waterworks and United Water New Jersey are part of Suez Environment's international segment.Resolution of the watch listing will evaluate the level of support that Suez Environment and Suez-GDF will provide to United Waterworks and United Water New Jersey, S&P said.TFN.newsdesk@thomson.comssh/ranCOPYRIGHTCopyright 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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