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Fitch assigns Affinity Water BBB-
Fitch Ratings said it assigned Affinity Water Ltd. a long-term issuer default rating of BBB- with a stable outlook. Fitch has also assigned Affinity's class A senior secured debt a BBB+ rating and senior secured class B a BBB- rating.
The ratings reflect Affinity's current and forecast financial profile during the next price control starting in April, as well as its relative positioning versus rated peers. The rating is supported by the low risk, regulated nature of the company's business.
“We also factor in the middle-ranking overall regulatory performance of AWL compared with peers and the impact of historical and forecast outcome delivery incentives (ODI) penalties on its financial profile. At the same time, we recognize the company's efforts and commitment to improving operational and regulatory performance in the more challenging next regulatory period,” said Fitch in a press release.
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