AMERICAN WATER WORKS COMPANY INC.
1025 LAUREL OAK ROAD
VOORHEES, NJ 08043
(609) 346 - 8200
www.amwater.com

UPGRADE  &  DOWNGRADE  HISTORY

Date Grading From To Analyst
9-Oct-00 DOWNGRADE   Strong Buy  Buy First Union Sec
21-Sep-00 INITIATED   at Attractive   PaineWebber
22-Nov-99 UPGRADE   Buy  Strong Buy First Union Sec
1-Nov-99 DOWNGRADE   Buy  Accumulate AG Edwards
13-Apr-99 DOWNGRADE   Buy  Hold CSFB
19-Feb-99 UPGRADE   Accumulate  Buy AG Edwards
1-Feb-99 UPGRADE   NT Neutral  NT Accumulate Merrill Lynch