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Aqua Pennsylvania Inc. Sep 11
Standard & Poors, Sep 2011
Abstract
A low-risk monopoly water distribution business, A supportive regulatory environment with favorable cost recovery mechanisms that enhance cash flow predictability, A large, stable, residential, and commercial customer base that provides a stable revenue base, and Solid operations with purchased water accounting for only about 10% of water sales. A highly acquisitive growth strategy, Elevated capital spending requirements for infrastructure replacement, The increasing costs of compliance with water quality standards, and Financial risk profile, which includes stable but weak cash flow metrics and high debt leverage. The ratings on water utility Aqua Pennsylvania Inc. reflect the consolidated credit quality of its parent company, Aqua America Inc. (unrated). Aqua Pennsylvania accounts for more than one-half of consolidated Aqua America's revenues and cash...
Companies mentioned in this report are: Aqua Pennsylvania Inc.,New York Water Service Corp.
Action: Review
Standard and Poors RatingsXpress Credit Research provides in-depth coverage of international corporates, financial institutions, insurance companies, utilities, sovereigns and structured finance programs. RatingsXpress Credit Research lets users determine the credit rating of holdings and identify key factors underlying an issuer's creditworthiness, distinguishes the different risk exposures for new and existing deals, and provides an understanding of how their analysts interpret key regulatory, political and environmental events and their economic impact.
Research Type: Full Analysis
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