DALLAS (S&P Global Ratings) Oct. 29, 2026--S&P Global Ratings today said that it assigned its'BBB'issue-level rating to H2O America’s proposed $325 million equity units. These include a purchase contract that obligates the owner to purchase H2O's common stock by Nov. 1, 2029, and re-marketable senior notes due Nov. 1, 2031. We rate these securities two notches below our'A-'issuer credit rating on H2O. The'BBB'issue-level rating reflects the equity units'subordination and risk of loss absorption, including deferability of contract adjustment payments. Our ratings on H2O are unchanged. We assigned high equity (100%) content to the equity units based on the proposed terms and S&P Global Ratings'requirement that the units must be converted to equity
