Following Connecticut Water Service’s recent water supply agreements with Mansfield and UConn, rating agency Standard & Poors has revised its outlook for the utility.
S&P shifted its outlook from ‘negative’ to ‘stable’ and reaffirmed its long-term issuer credit rating of ‘A,’ Connecticut Water said.
The agency credited Connecticut Water for its “enhanced cost recovery mechanisms,” reduced leverage, and use of prudent tax strategies.
Though it charged some higher rates for infrastructure investment recovery in 2013, Connecticut Water will have a two-year rate decrease in effect starting in April.
The company announced Monday that it would issue a dividend of $0.2475 per common share on March 17 to shareholders of record as of March 3.
Correction: The original version of this article mistakenly said Connecticut Water had inked a recent deal with Manchester. The agreement is with Mansfield.
