Summary: American States Water Co. - S&P Global Ratings’ Credit Research

Summary: American States Water Co.

Summary: American States Water Co. - S&P Global Ratings’ Credit Research
Summary: American States Water Co.
Published Jul 12, 2018
Published Jul 12, 2018
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American States Water Co. (ASWC) is a mostly lower-risk, rate-regulated water utility. ASWC's nonregulated, contracted water business represents about 20% of the company's consolidated revenues. We view ASWC's regulatory risk management as above average, reflecting the company's use of credit-supportive regulatory mechanisms in California. In addition, the company's size relative to its smaller peers continues to support our assessment of the company's business risk. We assess ASWC's financial ratios using more moderate financial benchmark tables than those for the typical corporate issuer, reflecting the company's mostly lower-risk, rate-regulated business and management of regulatory risk. We expect ASWC's funds from operations (FFO) to debt to weaken to about 24% in 2019 but stabilize at about 26% beginning in 2020. Weaker financial

Report Type:


Water Utilities (55104010)
Global Issuers
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S&P Global Ratings’ Credit Research—S&P Global Ratings’ credit research provides analysis on issuers and debt obligations of corporations, states and municipalities, financial institutions, insurance companies and sovereign governments. S&P Global Ratings also offers insight into the credit risk of structured finance deals, providing an independent view of credit risk associated with a growing array of debt-securitized instruments.

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S&P Global Ratings’ Credit Research. "Summary: American States Water Co." Jul 12, 2018. Alacra Store. Jul 20, 2018. <>
S&P Global Ratings’ Credit Research. (). Summary: American States Water Co. Jul 12, 2018. New York, NY: Alacra Store. Retrieved Jul 20, 2018 from <>
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