The ratings on United Water New Jersey Inc. (UWNJ) and United Waterworks Inc. (UWW) reflect the consolidated credit profile of parent, United Water Resources Inc. (UWR; not rated). UWNJ and UWW account for 90% of UWR's consolidated revenues and 85% of consolidated funds from operations. UWR is indirectly owned by Suez Environnement S.A. (not rated) through United Water Inc. (not rated). The outlook is stable. UWNJ and UWW's stand-alone business risk profile is excellent. The excellent business risk profile reflects a favorable regulatory environment, no retail competition in their service territories, geographic diversity, largely residential markets, and low operating risk. Reliance on SE for periodic capital infusions to fund capital-spending requirements for infrastructure replacement, increasing compliance costs with water-quality standards,
