Largely residential and commercial customers enabling cash flow stability Geographic diversity Minimal exposure to nonregulated operations at United Water Resources Elevated capital expenditures for infrastructure replacement Weaker financial metrics The ratings on Wilmington, Del.-based water supplier United Waterworks Inc. (UWW) and Harrington Park, N.J.-based water supplier United Water New Jersey Inc. (UWNJ) reflect the consolidated credit profile of Harrington Park, N.J.-based parent United Water Resources (UWR; not rated). UWNJ and UWW account for around 90% of UWR's consolidated revenues and 85% of consolidated funds from operations (FFO). Suez Environnement (not rated) indirectly owns UWR through United Water Inc. (not rated). UWNJ's and UWW's stand-alone business risk profiles are excellent, reflecting a favorable regulatory environment, no retail competition in their service
