S&P Global Ratings raised its long-term rating to 'AA' from 'AA-' on the Indiana Finance Authority's (IFA) revenue bonds outstanding, issued for Citizens Water of Westfield LLC (Westfield Water).
- At the same time, S&P Global Ratings assigned its 'AA' long-term rating to the IFA's $20 million series 2024A water
utility revenue bonds, issued for Westfield Water's water system.
- The outlook is stable.
- The higher rating is based on strong and supportive management policies, a service base that continues to support strong rate affordability, consistent rate-case approvals from the Indiana Utility Regulatory Commission (IURC), and steady financial performance that we believe is sustainable. Limiting further upside are historical fluctuations in system liquidity and limitations due to regulatory oversight and a corporate structure that introduces uncertainty regarding debt restructuring risk.
