This report does not constitute a rating action. ENGLEWOOD (S&P Global Ratings) May 12, 2025--S&P Global Ratings today said that Azuria Water Solutions Inc.? s (B-/Stable/--) $335 million incremental term loan issuance to fund its acquisition of project ?Sidelines? (not rated) and other subsequent bolt-on acquisitions, is in line with the company's acquisitive strategy to expand its service offerings within the water rehabilitation end markets. All our ratings on Azuria are unchanged, including our 'B-' issuer credit rating and 'B-' issue-level ratings and '3' recovery ratings (50%-70%; rounded estimate: 50%) on its revolving credit facility and term loan, pro forma for the incremental issuance. The company will fund the $350 million purchase of project ?Sidelines? with proceeds from the incremental
