On Jan. 17, 2021, Ardian SAS and Global Infrastructure Partners (GIP) submitted a letter of intent to acquire Suez S.A. (unrated), parent of Suez Water Resources LLC (SWR), at a price that matches Veolia Environnement S.A.'s proposal of 18 euros per share. This is the same price Engie S.A. accepted in Veolia's $3.4 billion offer to purchase a 29.9% stake in Suez, which was then followed by Veolia's confirmation of its intention to file a voluntary public takeover bid on Suez's remaining shares to complete a merger. S&P Global Ratings is placing its ratings on SWR and subsidiary Suez Water New Jersey Inc. on CreditWatch with negative implications. The CreditWatch placement reflects the increased probability that we could lower our
