BIRMINGHAM, Ala. (WBRC) – S&P Global Ratings Monday removed Central Alabama Water (CAW) from “CreditWatch Negative” and changed its outlook to “Stable” while affirming its AA- bond rating.
The move comes 3 months after S&P downgraded CAW’s bond rating and placed the utility on CreditWatch Negative over concerns about its “weakening liquidity position, aging assets, coupled with a substantial reorganization of management.”
“CAW’s leadership team is pleased that S&P Global positively acknowledged the actions CAW is taking to improve its financial situation,” said Jeffrey F. Thompson, CEO of Central Alabama Water in a press release. “Difficult decisions were required to move the system in the right direction operationally and we still have a long road ahead to become the system our community and customers deserve. S&P Global’s validation of the actions taken so far is an indication that we are headed in the right direction.”…