Overview
S&P Global Ratings took 52 rating actions, revised 24 outlooks, and took 47 CreditWatch actions within the U.S. municipal water and sewer utilities sector in second quarter 2024. One hundred and twelve ratings were maintained with no outlook revisions. Forty-five ratings were removed from CreditWatch, and two were placed on CreditWatch with negative implications.
Negative rating actions exceeded positive actions by thirty-four to nine. Unfavorable outlook revisions exceeded favorable revisions by thirteen to eleven. Bond issuance declined against first quarter 2024 and was also lower than in fourth quarter 2023. Year over year, new ratings increased by one.
Table 1
U.S. Municipal Water & Sewer Utilities Rating Actions, Year-To-Date 2024 | ||
---|---|---|
First quarter | Second quarter | |
New rating | 17 | 9 |
Upgrade | 8 | 9 |
Downgrade | 11 | 34 |
Favorable outlook revision | 7 | 11 |
Unfavorable outlook revision | 5 | 13 |
Removed from CreditWatch | 1 | 45 |
CreditWatch with negative implications | 73 | 2 |
Maintained ratings with no outlook revision | 72 | 112 |
Developing outlook | 1 | 0 |
Second Quarter Rating Actions
In second quarter 2024, we upgraded nine ratings and downgraded thirty-four. Positive rating actions were primarily driven by strong management practices that helped improve or maintain strong financial metrics, such as all-in-debt service coverage (DSC) supported by healthy rate structures and cost recovery, as well as by prudent management policies that suggested performance was sustainable. Negative rating actions were primarily driven by deteriorating financial metrics, mostly due to rising operating costs that have pressured operating margins for several quarters.
A significant portion of our negative rating actions were tied to our review of credit fundamentals following an error correction. For more information, see "Error In Our Economic Fundamentals Assessment Triggers Review Of Public Municipal Utility Sector Ratings," published Feb. 23, 2024. The review resulted in 22 downgrades as a result of the effects of previously overstated gross county product (GCP) growth combined with weakness in financial metrics.
Second Quarter Outlook Revisions And CreditWatch Actions
In the second quarter, we made thirteen unfavorable outlook revisions and eleven favorable outlook revisions. Negative outlook revisions reflected the effects of rising operating costs that we expect to narrow operating margins. Strong financial performance supported by prudent capital and rate planning underpinned the positive outlook revisions. We placed two ratings on CreditWatch with negative implications, both due to volatility in DSC and liquidity.
Second Quarter Lookback
In June 2024, we published a report on a California groundwater subbasin's probation placement by the California State Water Resources Control Board that we believe could pressure the revenue and pricing power of 40 San Joaquin Valley municipal water, sewer, and utility districts. S&P Global Ratings also believes it could influence agricultural output, depress land value, raise water production costs and household bills, and ultimately force land out of agricultural use. For more information, see "Your Three Minutes In California Groundwater: Tulare Lake Subbasin's Probation May Herald More Restrictions, Rating Changes," published June 13, 2024 on RatingsDirect.
The following tables summarize S&P Global Ratings' second quarter rating actions for U.S. municipal water and sewer utilities. All rating actions are based on our criteria.
Table 2
U.S. Municipal Water And Sewer Utilities Rating Actions, Summary Second Quarter 2024 | |||||||
---|---|---|---|---|---|---|---|
Entity | State | Rating to | Rating from | Outlook to | Outlook from | CreditWatch to | Reason for rating |
San Diego County Water Authority | CA | AAA | AAA | Negative | Stable | Outlook revision reflects our view of declining financial metrics | |
St. Mary Parish Consolidated Gravity Drainage District #2 | LA | A | A | Stable | Not meaningful | Removal from CreditWatch reflects our review of credit fundamentals following our GCP error correction | |
Toledo-Lucas County Port Authority | OH | A | A- | Stable | Positive | Outlook revision reflects our view of increasing reserves and ongoing diversification of the pool, with 39 projects | |
Easton Area Joint Sewer Authority | PA | A | A | Stable | Not meaningful | Removal from CreditWatch reflects our receipt and review of financial information, including 2022 audited financial statements | |
Athens | TX | A | Stable | New rating | |||
King Cnty Water District #111 | WA | AA- | AA- | Stable | Not meaningful | Removal from CreditWatch reflects our receipt and review of financial information, including 2022 audited financial statements | |
Baytown | TX | AA- | AA- | Negative | Stable | Outlook revision reflects our view of the pending litigation surrounding overflows coupled with significant additional debt plans | |
Seymour | IN | A | A+ | Stable | Not meaningful | Removal from CreditWatch and downgrade reflects our review of credit fundamentals following our GCP error correction, including the system's thin liquidity and relatively vulnerable economy that may limit future financial capacity | |
Baytown Area Water Authority | TX | AA- | Negative | New rating | |||
Portage Sewer | WI | A | A+ | Stable | Not meaningful | Removal from CreditWatch and downgrade reflects our review of credit fundamentals following our GCP error correction, including sizable capital needs | |
Centre Water Works and Sewer Board | AL | A | A | Stable | Negative | Outlook revision reflects management's willingness to adjust rates as demonstrated to improve coverage and liquidity levels, which have been stabilized by a one-time revenue source | |
Citizens Wastewater of Westfield LLC | IN | AA | AA- | Stable | Stable | Supportive management policies and practices evident by consistent rate increases leading to steady financial performance | |
New Albany | IN | A | A+ | Stable | Not meaningful | Removal from CreditWatch and downgrade reflects our review of credit fundamentals following our GCP error correction, especially considering financial metrics supportive of a lower rating | |
Upper Trinity Regional Water District | TX | AA- | AA- | Positive | Stable | Outlook revision reflects strength in participants' credit quality | |
Maryville | MO | A+ | A+ | Stable | Not meaningful | Removal from CreditWatch reflects our review of credit fundamentals following our GCP error correction | |
Oneonta Utilities Board | AL | A+ | AA- | Stable | Stable | Downgrade reflects weakened economic service area with lower liquidity metrics and declining median household incomes limiting revenue-raising flexibility | |
St Helena | CA | BBB+ | A- | Stable | Stable | Downgrade reflects historically volatile coverage metrics as well as our view that the city is likely to be exposed to additional costs to meet long-term water demand | |
WA Cnty Water Conservancy District | UT | AA | AA | Positive | Stable | Outlook revision reflects our view of improving financial metrics | |
Monterey Park | CA | A- | Stable | New rating | |||
Eastern Adams County Metropolitan District | CO | BBB+ | BBB | Stable | Positive | Upgrade reflects improving financial metrics, with healthy rate increases combined with consistent growth in the service area | |
El Paso | TX | AA | AA+ | Stable | Negative | Downgrade reflects our view of the weakened financial position, which is stressed by the system's increasing debt burden and pressured rate affordability | |
Tyler | TX | AA | AA+ | Stable | Not meaningful | Removal from CreditWatch reflects our review of credit fundamentals following our GCP error correction. Downgrade reflects our view of the system's metrics supportive of a lower rating | |
Albuquerque Metro Arroyo Flood Control Authority | NM | AAA | AAA | Stable | Not meaningful | Removal from CreditWatch reflects our review of credit fundamentals following our GCP error correction | |
Marbury Water System | AL | A | A+ | Stable | Not meaningful | Downgrade reflects declining coverage coupled with an expanding capital program | |
Antigo | WI | A+ | A+ | Stable | Not meaningful | Removal from CreditWatch reflects our review of credit fundamentals following our GCP error correction | |
East Bethlehem Township Municipal Authority | PA | BBB+ | BBB+ | Stable | Not meaningful | Removal from CreditWatch reflects our receipt and review of financial information, including 2022 audited financial statements | |
Iowa Falls - Sewer | IA | A | A+ | Stable | Not meaningful | Removal from CreditWatch and downgrade reflect our review of credit fundamentals following our GCP error correction | |
Phenix City | AL | BBB+ | BBB+ | Stable | Not meaningful | Removal from CreditWatch reflects our receipt and review of financial information, including 2022 audited financial statements | |
McKinney | TX | AA+ | AA+ | Stable | Negative | Outlook revision reflects our view of liquidity and coverage improvements supported by customer growth and rate increases | |
Citizens Water of Westfield LLC | IN | AA | AA- | Stable | Stable | Supportive management policies and practices evident by consistent rate increases leading to steady financial performance | |
Todd Creek Village Metropolitan District | CO | BBB+ | BBB | Stable | Stable | Upgrade reflects improving coverage and liquidity, which are supported by healthy utility rate increases, including the addition of a fixed fee in the district's rate structure to finance capital improvements | |
German Township Sewer Authority | PA | BBB- | BBB- | Stable | Not meaningful | Removal from CreditWatch reflects our receipt and review of financial information, including 2022 audited financial statements | |
Cumberland Mountain Water & Fire Protection Authority | AL | A- | A | Not meaningful | Not meaningful | Negative | Downgrade reflects our view of the authority's weak service area economy and volatile financial metrics. The rating remains on CreditWatch with negative implications given our view of the authority's volatile financial performance and potential for coverage to decline in the near future |
South Middleton Township Municipal Authority | PA | AA- | AA- | Stable | Not meaningful | Removal from CreditWatch reflects our receipt and review of financial information, including 2022 audited financial statements | |
The Water Works Board of the City of Arab | AL | A+ | A+ | Stable | Not meaningful | Removal from CreditWatch reflects our review of credit fundamentals following our GCP error correction | |
Lynn Haven | FL | AA- | AA- | Stable | Negative | Outlook revision reflects improving coverage supported by continual rate adjustments, with additional rate plans | |
Buffalo Municipal Water Finance Authority | NY | A | A+ | Stable | Not meaningful | Removal from CreditWatch reflects our review of credit fundamentals following our GCP error correction. Downgrade reflects erractic coverage in recent years coupled with liquidity levels supportive of a lower rating | |
Georgetown | TX | A+ | A+ | Positive | Stable | Outlook revision reflects continued strength in financial metrics through varying economic and operating conditions | |
Three Rivers Regional Wastewater Authority | WA | A+ | Stable | New rating | |||
City of Columbus | NE | AA | AA | Stable | Not meaningful | Removal from CreditWatch reflects our review of credit fundamentals following our GCP error correction | |
Coweta County Water & Sewer Authority | GA | AA+ | Stable | New rating | |||
Eagle River Water & Sanitation District | CO | A+ | AA- | Stable | Stable | Downgrade reflects fluctuating liquidity metrics and additional debt plans that may lead to compressed margins in the near future | |
Auburn | IN | A | A+ | Stable | Not meaningful | Removal from CreditWatch reflects our review of credit fundamentals following our GCP error correction. Downgrade reflects credit fundamentals supportive of a lower rating, including pressures related to the ongoing consent decree | |
Mountlake Terr | WA | AA- | AA- | Stable | Not meaningful | Removal from CreditWatch reflects our receipt and review of financial information, including 2022 audited financial statements | |
Livingston | CA | A- | A- | Stable | Not meaningful | Removal from CreditWatch reflects our receipt and review of financial information, including 2022 audited financial statements | |
Lodi | CA | AA | AA- | Stable | Stable | Upgrade reflects exceptionally strong coverage, which we expect to continue based upon the city's financial profile, lack of additional debt plans, and continued rate-setting flexibility | |
Randall Community Water District | SD | A | A | Stable | Not meaningful | Removal from CreditWatch reflects our review of credit fundamentals following our GCP error correction. Further supporting the rating is the utility's planned expansion opportunity and future financial performance | |
Greenville | TX | A | Stable | New rating | |||
Enumclaw | WA | AA- | AA- | Stable | Not meaningful | Removal from CreditWatch reflects our receipt and review of financial information, including 2022 audited financial statements | |
Santa Maria | CA | AA- | AA- | Stable | Not meaningful | Removal from CreditWatch reflects our receipt and review of financial information, including 2022 audited financial statements | |
Lapel Town | IN | BBB+ | A- | Stable | Not meaningful | Removal from CreditWatch reflects our review of credit fundamentals following our GCP error correction. Downgrade reflects the relatively vulnerable economy and low nominal liquidity | |
Southaven | MS | AA- | AA- | Negative | Stable | Negative outlook reflects our view of the impact of potential future costs associated with the planned transition of wastewater treatment providers, which we believe could pressure coverage metrics | |
Oakman Water Works Board | AL | BBB | A- | Not meaningful | Not meaningful | Removal from CreditWatch and the downgrade reflects our review of credit fundamentals following our GCP error correction, including low nominal liquidity | |
Santa Cruz County Sanitation District | CA | AA- | AA | Stable | Stable | Downgrade reflects projected weakening within debt service coverage given a primarily debt-funded capital plan and a liquidity position that is weaker than that of similarly rated peers | |
Upper Thompson Sanitation District | CO | BBB+ | Stable | New rating | |||
Somers | WI | A+ | A+ | Stable | Positive | Outlook revision reflects the utility's decrease in all-in debt service coverage as debt payments began to amortize in fiscal 2022 as well as the potential effect on coverage should the utility issue additional debt or not be able to secure water rate increase approvals from the Wisconsin Public Service Commission (WPSC) | |
Huntington Municipal Water Utility | IN | A+ | A+ | Stable | Not meaningful | Removal from CreditWatch reflects our receipt and review of financial information, including 2022 audited financial statements | |
Pleasanton | CA | AA | Positive | New rating | |||
Wheeling | WV | A | A | Stable | Not meaningful | Removal from CreditWatch reflects our review of credit fundamentals following our GCP error correction | |
Conway | AR | A+ | A+ | Stable | Negative | Outlook revision reflects our view of the city's improved liquidity reserves, both nominally and in days' cash, as capital improvement expenditures have decreased following the completion of several projects | |
The Water Works and Sewer Board of the Town of Sardis City | AL | A- | A | Stable | Not meaningful | Removal from CreditWatch and downgrade reflect our review of credit fundamentals following our GCP error correction coupled with limited managerial policies | |
Livingston | TX | A | A+ | Stable | Not meaningful | Removal from CreditWatch and downgrade reflect our review of credit fundamentals following our GCP error correction coupled with our expectation for increasing affordability pressures | |
Edinburg | TX | AA- | AA | Not meaningful | Stable | Negative | CreditWatch and downgrade reflects our view of the lowered coverage and decreasing liquidity |
Tri-County Joint Municipal Authority | PA | A- | Stable | New rating | |||
Aurora | CO | AA+ | AA+ | Stable | Positive | Revised outlook reflects our view of the system's large capital cycle with high financing costs and rising costs of service | |
Stucker Fork Conservancy District | IN | A- | A | Stable | Not meaningful | Removal from CreditWatch and downgrade reflect our review of credit fundamentals following our GCP error correction coupled with our expectation for financial metrics to decline with no rate plans and rising debt service requirements | |
Daphne Utilities Board | AL | AA+ | AA+ | Stable | Not meaningful | Removal from CreditWatch reflects our review of credit fundamentals following our GCP error correction | |
Airway Heights | WA | A- | A | Negative | Not meaningful | Removal from CreditWatch reflects our receipt and review of financial information, including 2022 audited financial statements. Downgrade reflects our opinion of the utility's delayed cost recovery to offset elevated cost pressures, including higher purchased water supply costs given the polyfluoroalkyl substances contamination in all three wells, and customer growth, which has resulted in vulnerable coverage and a decline in cash | |
Long Beach Public Utilities Department | CA | AA+ | AA+ | Negative | Stable | Outlook revision reflects our view that the city's water system is in the middle of a large capital cycle to address water-resiliency needs with increasing capital spending and rising fixed costs | |
Silver City | NM | BBB | BBB+ | Negative | Not meaningful | Removal from CreditWatch and downgrade reflects our review of credit fundamentals following our GCP error correction, especially considering very low liquidity metrics | |
Webster City | IA | A+ | AA- | Stable | Stable | Downgrade reflects the city's thin reserve levels from a historical practice of reactive rate increases by previous city management and cash-funding its capital improvement plan | |
Hale County Water Authority | AL | BBB+ | A | Not meaningful | Not meaningful | Removal from CreditWatch and downgrade reflects our review of credit fundamentals following our GCP error correction in addition to the lack of comprehensive managerial policies | |
Greene County Water and Sewer Authority | AL | BBB- | BBB+ | Stable | Not meaningful | Removal from CreditWatch and downgrade reflects our review of credit fundamentals following our GCP error correction in addition to the potential for financial fluctuations considering the small size of the operations | |
Washington - Water | IN | BBB+ | A- | Stable | Not meaningful | Removal from CreditWatch and downgrade reflects our review of credit fundamentals following our GCP error correction, including weak management practices and risk-mitigation planning | |
Coalinga | CA | BB+ | BB+ | Stable | Negative | Outlook revision reflects the city's progress on achieving a more resilient water supply | |
Conemaugh Township Municipal Authority | PA | BB+ | BBB | Stable | Negative | Downgrade reflects the authority's weakened overall financial position, highlighted by declining all-in coverage levels in fiscal 2023, an increased debt burden, and thin liquidity | |
Loveland | CO | AA | Stable | New rating | |||
Caryville & Jacksboro | TN | A- | A | Negative | Not meaningful | Removal from CreditWatch, downgrade and outlook revision reflect our review of credit fundamentals following our GCP error correction, including low liquidity | |
Portage - Water | WI | A | A+ | Stable | Not meaningful | Removal from CreditWatch and downgrade reflects our review of credit fundamentals following our GCP error correction | |
Washington - Sewer | IN | BBB | BBB+ | Stable | Not meaningful | Removal from CreditWatch and downgrade reflects our review of credit fundamentals following our GCP error correction, including weak management practices and risk-mitigation planning | |
Terrebonne Parish Consolidated Waterworks District #1 | LA | AA- | AA- | Stable | Not meaningful | Removal from CreditWatch reflects our review of credit fundamentals following our GCP error correction | |
Colorado River Municipal Water District | TX | AA- | AA- | Stable | Not meaningful | Removal from CreditWatch reflects our receipt and review of financial information, including 2022 audited financial statements | |
Yucaipa Valley Water District | CA | AA- | A+ | Stable | Positive | Upgrade reflects our view of the district's extremely strong pro forma financial metrics, lack of additional debt plans, and successful efforts to support regional water supply reliability and drought resilience | |
Carmel | IN | BBB+ | BBB+ | Stable | Negative | Outlook revision reflects recently adopted rate increases, which we anticipate will support future financial metrics | |
Jackson County Utility Authority | MS | BBB+ | BBB+ | Stable | Not meaningful | Removal from CreditWatch reflects our receipt and review of financial information, including 2022 audited financial statements | |
Mulga Town | AL | BB+ | BBB | Negative | Stable | Downgrade and outlook revision reflect our view of weak risk management, culture, and oversight, including rate covenant violations in recent years and significantly delayed audit postings | |
Dallas Area Municipal Authority | PA | BBB | A | Negative | Not meaningful | Downgrade and outlook revision reflect our view of low cash and limited budgetary and rate-setting practices | |
Iowa Falls - Water | IA | A | A+ | Stable | Not meaningful | Removal from CreditWatch and downgrade reflect our review of credit fundamentals following our GCP error correction, especially considering the volatility in liquidity. | |
Miami Dade County | FL | AA | AA- | Stable | Stable | Upgrade reflects mitigated regulatory risk, favorable market position assessment, and prudent rate-setting practices | |
South Valley Sewer District | UT | AAA | AA+ | Stable | Stable | Upgrade reflects our view of the district's adopted rate plan, well-defined reserve policy, revenue diversity, and extremely strong financial position |
Table 3
U.S. Municipal Water And Sewer Utilities Maintained Ratings, Summary Second Quarter 2024 | |||
---|---|---|---|
Entity | State | Rating | Outlook |
Ohio Water Development Authority | OH | AAA | Stable |
Burbank | CA | AAA | Stable |
Walnut Valley Water District | CA | AA+ | Stable |
South Davis Sewer District | UT | BBB+ | NM |
Fish Creek Sanitary District No. 1 | WI | A | Stable |
Seattle | WA | AA+ | Stable |
Development Finance Authority of Summit County | OH | A- | Positive |
Tallahassee | FL | AA | Stable |
Charlotte | NC | AAA | Stable |
Kentucky Association of Counties Finance Corporation | KY | AA- | Stable |
Arlington | TX | AAA | Stable |
King County | WA | AA+ | Stable |
Greater New Haven Water Pollution Control Authority | CT | AA+ | Stable |
Baltimore Mayor & City Council | MD | AA- | Stable |
El Dorado Irrigation District | CA | AA- | Stable |
Irving | TX | AA+ | Stable |
Hampton Roads Sanitation District | VA | AA+ | Stable |
Orange Water & Sewer Authority | NC | AAA | Stable |
Maine Municipal Bond Bank | ME | AA+ | Stable |
Lake Chelan Reclamation District | WA | A+ | Stable |
Greater Cincinnati Metropolitan Sewer District | OH | AA+ | Stable |
North Texas Municipal Water District | TX | AA | Stable |
Medford Water Commission | OR | AA | Stable |
Point Comfort | TX | AA- | Stable |
Suffolk County Water Authority | NY | AAA | Stable |
Trinity River Authority | TX | AA+ | Stable |
Sacramento Area Sewer District Treatment and Resource Recovery System | CA | AA+ | Stable |
Jurupa Community Services District | CA | AA | Stable |
Narragansett Bay Commission | RI | AA- | Stable |
Irvine Ranch Water District | CA | AAA | Stable |
Los Angeles | CA | AA+ | Negative |
West Des Moines | IA | AA | Stable |
Fountain | CO | A- | Stable |
Augusta | GA | A+ | Stable |
Virginia Resources Authority | VA | AAA | Stable |
Santa Ana Financing Authority | CA | AA | Stable |
Cedar Park | TX | AA+ | Stable |
Plano | TX | AAA | Stable |
Tualatin Valley Water District | OR | AA+ | Stable |
Lafayette | IN | AA- | Stable |
Kentucky Bond Corporation | KY | AA- | Stable |
New Mexico Finance Authority | NM | AAA | Stable |
Coweta County Water & Sewage Authority | GA | AA+ | Stable |
District of Columbia Water & Sewer Authority | District of Columbia | AAA | Stable |
North Charleston Sewer District | SC | AA+ | Stable |
Great Lakes Water Authority | MI | AA- | Stable |
Massachusetts Water Resources Authority | MA | AA+ | Stable |
Colorado Water Resources & Power Development Authority | CO | AAA | Stable |
Fort Lauderdale | FL | AA+ | Stable |
Durham | NC | AAA | Stable |
New Hampshire Municipal Bond Bank | NH | AA+ | Stable |
Gordo Waterworks, Gas and Sewer Board | AL | BBB+ | Stable |
Warren County Port Authority | OH | BBB- | Stable |
Rural Water Financing Agency | KY | AA- | Stable |
Fairfax County Water Authority | VA | AAA | Stable |
Pleasanton | CA | AA | Positive |
New York City Municipal Water Finance Authority | NY | AAA | Stable |
Monte Vista Water District | CA | AA | Stable |
East Larimer County Water District | CO | AA | Stable |
Renewable Water Resources | SC | AAA | Stable |
Athens | AL | A+ | Stable |
Clairton Municipal Authority | PA | BBB+ | Stable |
Tarrant Regional Water District | TX | AAA | Stable |
Iowa Finance Authority | IA | AAA | Stable |
Alexandria Renew Enterprises | VA | AAA | Stable |
Indiana Finance Authority | IN | AAA | Stable |
Greensboro | NC | AAA | Stable |
Corpus Christi | TX | AA- | Stable |
Sugar Land | TX | AA | Stable |
Metropolitan St Louis Sewer District | MO | AAA | Stable |
Carrollton | TX | AAA | Stable |
Southern California Metropolitan Water District | CA | AAA | Stable |
Miami Dade County | FL | AA | Stable |
Rhode Island Infrastructure Bank | RI | AAA | Stable |
Oklahoma City Water Utilities Trust | OK | AAA | Stable |
Renton | WA | AA+ | Stable |
Glendale | AZ | AA | Stable |
Jurupa Community Services District | CA | AA+ | Stable |
Portland | OR | AA+ | Stable |
Whitewater | WI | A- | Stable |
Garland | TX | AA- | Stable |
Dallas | TX | AAA | Stable |
Midland | TX | AA- | Stable |
Olathe | KS | AA | Stable |
Fullerton | CA | AAA | Stable |
Oklahoma Water Resources Board | OK | AAA | Stable |
Los Angeles Department of Water & Power | CA | AA+ | Stable |
Hamilton & Bradley Counties Eastside Utility District | TN | AA | Stable |
New Jersey Infrastructure Bank | NJ | AAA | Stable |
Columbia Cnty | GA | AA+ | Stable |
Edmonds | WA | AA | Stable |
Fuquay-Varina Town | NC | AA | Stable |
This report does not constitute a rating action.
Primary Credit Analyst: | Mallie Lange, Austin +1 2147655861; Mallie.Lange@spglobal.com |
Secondary Contact: | Jenny Poree, San Francisco + 1 (415) 371 5044; jenny.poree@spglobal.com |
Research Assistant: | Muskan Nidhi, Pune |
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