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California Water Service Outlook Revised To Negative On Weak Credit Metrics; Ratings Affirmed Dec 11
Standard & Poors, Dec 2011
Abstract
We expect Cal Water's credit metrics to remain weak in the near term as compared with other water utilities at the same rating. We are affirming our corporate credit rating on the company and revising the outlook to negative. We could lower the rating if the company sustains its funds from operations/debt ratio at or roughly below 16%. NEW YORK (Standard & Poor's) Dec. 19, 2011--Standard & Poor's Ratings Services said today it revised its rating outlook on California Water Service Co. (Cal Water) to negative from stable. We affirmed the 'A+' long-term corporate credit rating and the 'AA-' issue-level rating. The recovery rating of '1+' remains unchanged, and indicates highest expectation (100%) of recovery if a default occurs. 'We...
Companies mentioned in this report are: California Water Service Co.
Action: Affirmed
Action: Outlook: Negative
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: News
This product is a is a brief one-page announcement of no more than 500 words with a quote from the analyst. It is media and investor focused with no accompanying commentary article.
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