S&P turns SJW Group view to negative

S&P said it changed the outlooks for SWJ Group and its subsidiaries Connecticut Water Service Inc. (CTWS), and the Connecticut Water Co. to negative from stable and affirmed the ratings on SJW and the subsidiaries. The agency also affirmed the ratings for the group’s San Jose Water Co. subsidiary.

“The negative outlooks for SJWG, CTWS, and the Connecticut Water Co. reflect our view that we could lower the ratings on the companies within the next 18 months if we revise downward our assessment of Connecticut's regulatory jurisdiction and SJWG's consolidated funds from operations (FFO) weakens to below 11%. Alternatively, if we do not revise our assessment of Connecticut's regulatory construct, we could lower the ratings if SJWG's consolidated FFO to debt weakens to consistently below 10%,” S&P said in a statement.

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