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Moody's rates Aquarion notes Baa3
Moody's Investors Service said it assigned a Baa3 issuer rating to Aquarion Co. and a Baa3 rating to its new senior notes due 2021. The outlook is stable.
Net proceeds of the $360 million issuance will be used to repay parent company Aquarion Holdings, LLC's $345 million term loan due 2016.
The agency said the Baa3 ratings are based on three main drivers: Aquarion’s weaker financial metrics on a consolidated basis than at its largest operating company, a significant amount of parent debt and the structural subordination of Aquarion's debt to the debt obligations of Aquarion Water Co. of Connecticut.
Aquarion's stable outlook reflects Moody's expectation that it will continue to maintain a financial profile consistent with its Baa3 rating.
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