S&P Global rates Maynilad ‘medium green’ in climate transition assessment

S&P Global Ratings has given Maynilad Water Services a “medium green” rating in its Climate Transition Assessment (CTA), the water utility said Monday.

The S&P rating is a qualitative assessment of a company’s readiness for the transition to a lower-carbon economy, taking into account its governance, strategy, risk management, and climate-related goals. S&P noted that all of Maynilad’s revenue comes from activities it classifies as environmentally sustainable.

According to S&P, Maynilad’s “medium green” rating reflects its service improvements, including projects to reduce non-revenue water, reuse potable water, and restore watersheds.

S&P also noted Maynilad’s “ambitious” carbon neutrality goal, particularly given that the Philippines currently lacks a country-wide net-zero commitment.

“This independent assessment provides a transparent benchmark of our climate transition efforts,” Maynilad chief sustainability officer Roel Espiritu said in a statement.

“It highlights both our progress and the areas where we can continue to strengthen,” he said.

Maynilad, the largest private water utility in the Philippines by customer base, provides water and wastewater services to more than 10 million people in the west zone of Metro Manila and parts of Cavite province.