The ratings of United Waterworks reflect the company's above average business and financial positions and are determined in conjunction with the credit quality of United Waterworks' ultimate parent, Suez S.A. Suez's ratings reflect the group's strongly diversified business profile and top-tier global positions in stable utility activities. Ratings are constrained, however, by the group's moderate financial profile and acquisitive growth strategy. United Waterworks is a water utility holding company with operations in nine states, serving more than 270,000 customers. The company's strong business position benefits from regulatory and geographic diversification. The geographic diversity tempers the effect of adverse weather patterns on the company's cash flow and cushions the effect of unfavorable rate decisions in any particular jurisdiction. The regulatory environment
