SOURCE: The York Water Company

September 16, 2008 16:07 ET

York Water Company Reports Approval of Asbury Pointe Acquisition and Standard & Poor's Reaffirmation of 'A-' Rating

YORK, PA--(Marketwire - September 16, 2008) - Jeffrey R. Hines, President & CEO of The York Water Company (NASDAQ: YORW), reported that on September 11, 2008 the Company received approval of the Pennsylvania Public Utility Commission (PPUC) for the acquisition of the Asbury Pointe Water System in East Manchester Township, York County, PA. "This new acquisition will provide approximately 250 Asbury Pointe customers with 'That good York Water' and will also improve water pressure and fire flows in the area," according to Hines. York Water's fully filtered and treated water supply will be provided through a water main which will be constructed by York Water to interconnect with Asbury Pointe's existing distribution facilities. The interconnection is expected to be completed by the end of 2008. This acquisition marks the sixth water system acquired by the Company since January 2005.

Also, on Sept. 9, 2008, Standard & Poor's Ratings Services affirmed its 'A-' corporate credit rating on The York Water Company. The excellent rating follows S&P's annual review of the company and incorporates their expectation of adequate and timely rate relief and the company's strong financial profile. As previously reported, York Water has entered into a settlement, which is joined in by all active parties, that provides for an increase in annual base rate revenues of $5,950,000. Upon receipt of approval of the Administrative Law Judge and the Commission, the increases in rates under the settlement may become effective as soon as October 23, 2008. York Water's business risk profile is excellent, characterized by a reasonable regulatory environment in Pennsylvania, no retail competition, strong, largely residential markets, tariffs which are amongst the lowest in the state, and relatively low operating risk.

Contact Information

  • Contact:
    Jeffrey R. Hines
    President & CEO

    or

    Kathleen M. Miller
    Chief Financial Officer

    Phone: 717-845-3601