U.S-based water utility SUEZ Water Resources Inc.'s (SWR) overall profitability has improved. We are revising our assessment of SWR's competitive position to excellent from strong, reflecting an improvement in overall profitability to excellent from satisfactory. This change does not affect our assessment of the business risk profile as excellent. We are affirming our 'A-' issuer credit rating on SWR. The stable rating outlook is based on our expectation that ultimate parent Suez Environnement S.A. will continue to manage its regulatory risk while maintaining financial measures that remain consistent with the lower-end of the significant financial risk profile category. On July 15, 2016, S&P Global Ratings affirmed its 'A-' issuer credit rating on SUEZ Water Resources Inc. (SWR). The outlook remains
