BANGALORE (Thomson Financial) - Standard & Poor's Ratings Services said it has placed American Water Works Co Inc's long-term ratings, including the 'A-' corporate credit ratings, on negative watch after the postponement of the water and wastewater utility's initial public offering.
The postponement by the company's parent RWE AG will delay financial improvements and result in a downgrade if the IPO is not completed before the end of the first quarter of 2008, the ratings agency said.
The utility's funding subsidiary American Water Capital Corp's long-term ratings were also placed on negative watch.
The 'A-2' short-term ratings were not placed on watch. TFN.newsdesk@thomson.com ukn/faj COPYRIGHT Copyright Thomson Financial News Limited 2007. All rights reserved. The copying, republication or redistribution of Thomson Financial News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Financial News.
© 2007 AFX News
