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Golden State Water Company -- Moody's affirms Golden State Water; changes outlook to stable from positive

Moody's Investors Service ("Moody's") today changed Golden State Water Company's (Golden State) outlook to stable from positive and affirmed its A2 senior unsecured rating. "Golden State's financial profile is expected to remain stable over the next several years, with a funds from operation to net debt ratio around 24%, lower than we had anticipated when we changed to outlook to positive" said Ryan Wobbrock, Vice President -- Senior Credit Officer. Golden State's key credit metrics have been affected more than originally expected by tax reform, which reduced both deferred income taxes and cash flows, eliminated bonus depreciation, and is increasing the company's reliance on external financing.