Ratings on U.S. investor-owned water utilities United Waterworks and United Water New Jersey benefit from favorable regulatory cost recovery mechanisms, stable cash flows, absence of competition within existing service territories, and relatively low operating risk. Financial performance is appropriate for the rating, with FFO to debt of about 13% and debt to capital of 58%. We have affirmed the companies' 'A-' corporate credit ratings. The stable outlook reflects our expectation of adequate and timely rate relief and maintenance of the current financial profile. On May 28, 2009, Standard&Poor's Rating Services affirmed its 'A-' corporate credit rating on United Waterworks Inc. (UWW) and United Water New Jersey Inc. (UWNJ). The outlook is stable. The affirmation incorporates our expectations of
