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S&P cuts American Water Works
Standard & Poor's said it lowered the corporate credit ratings on American Water Works Co. Inc. and American Water Capital Corp. to BBB+ from A- and removed them from CreditWatch with negative implications.
The outlook is stable.
According to S&P, the downgrade reflects concern that the pace and extent of cash flow improvement will be considerably slower than expected.
Medium-term weakness in the financial profile is partially offset by an excellent business risk profile, the agency said.
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