Finance and Investment
Fitch Ratings has downgraded Southern Water (Finance) PLC (SWF) senior secured class A debt rating to 'BBB-' from 'BBB' and placed it on Rating Watch Negative (RWN) – SWF is the financing company of Southern Water Services Ltd (SWS).
Moody’s has announced a number of negative rating actions for a clutch of UK water companies, reflecting what the ratings agency describes as rising UK water sector risk and a deterioration in the sector's business risk profile.
Thames Water has announced this morning that it has secured the backing of creditors who hold in excess of 75% of the water company’s Class A Debt – the creditors have entered into the Transaction Support Agreement (TSA).
Southern Water has successfully secured £300 million of additional debt financing following the completion of a bond issuance yesterday.
Rival creditor groups who own Thames Water debt are attempting to reach an agreement on a recapitalisation plan which would offer the water company a £1.5 billion lifeline, according to Sky News.
- S&P Global Ratings downgrades Southern Water debt “on challenging financing conditions”
- Financial Times – S&P ratings downgrade sees Thames Water debt slide further into “junk” status
- International Investment Summit secures £63 billion of private investment and nearly 38,000 UK jobs
- Clean energy investment worth billions unlocked ahead of Investment Summit
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Expert Focus
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Thames Water starts work on £20 million pipe upgrade in Islington February 13, 2024
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