Our 'A-' issuer credit rating (ICR) on United Waterworks Inc. (UWW) is based on its unrated parent's, Suez Environnement Co. S.A. (SE), group credit profile (GCP). The 'a-' anchor and stand-alone credit profile (SACP) reflects: A country risk score we consider "very low" risk because all the utility's operations are in the U.S.; An industry risk score we consider "very low" risk, reflecting the low-risk nature of the regulated water distribution business; A business risk profile we view as "excellent", partially reflecting the company's ability to effectively manage regulatory risk A financial risk profile we consider "significant", using the low volatility table Modifiers that have no impact on the SACP A low-risk, rate regulated water utility Geographic diversity A "strong"
