Research Update: SUEZ Water Resources LLC And Subsidiary Ratings Raised To 'A' Following Updated Methodology; Ratings Off UCO

We have reviewed our ratings on SUEZ Water Resources LLC (SWR) and its subsidiary SUEZ Water New Jersey Inc. (SWNJ) that we labeled as "under criteria observation" (UCO) after publishing our revised Group Rating Methodology criteria on July 1, 2019. Following this review, we established that the cumulative value of the structural protections in place between SWR and ultimate parent SUEZ S.A. (SEV) are sufficient to insulate our issuer credit rating on SWR from the credit profile of ultimate parent SEV. As such, we are raising our long-term issuer credit ratings on SWR and SWNJ to 'A' from 'A-' and are removing our ratings on both companies from UCO. We are also raising our issue-level ratings on SWR's senior unsecured

...- We have reviewed our ratings on SUEZ Water Resources LLC (SWR) and its subsidiary SUEZ Water New Jersey Inc. (SWNJ) that we labeled as "under criteria observation" (UCO) after publishing our revised Group Rating Methodology criteria on July 1, 2019. - Following this review, we established that the cumulative value of the structural protections in place between SWR and ultimate parent SUEZ S.A. (SEV) are sufficient to insulate our issuer credit rating on SWR from the credit profile of ultimate parent SEV. - As such, we are raising our long-term issuer credit ratings on SWR and SWNJ to 'A' from 'A-' and are removing our ratings on both companies from UCO. - We are also raising our issue-level ratings on SWR's senior unsecured debt and SWNJ's secured debt to 'A' from 'A-'. - At the same time, we are revising our stand-alone credit profile (SACP) on SWNJ to '##' from '##-', consistent with management's strategy to gradually reduce its debt at the SWNJ utility level. Because of the absence...

Research Update