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Investors brace for £10bn of Thames Water debt falling to junk

Financial Times LogoFinancial Times14h ago

Investors brace for £10bn of Thames Water debt falling to junk - Financial Times

Quick Summary:

The water utility needs to maintain two investment-grade ratings in order to comply with its licence, unless Ofwat makes an exception to allow just one.

It is hoping to raise debt and equity this autumn but it is unclear whether this will succeed after its existing shareholders — which include the pension funds Omers and USS as well as the Chinese and Abu Dhabi sovereign wealth funds — declared the company “uninvestable” and reneged on a pledge to invest equity into the business.

That would pile pressure on Britain’s biggest water utility, which is already struggling under its £18bn debt pile and seeking to avoid being taken over by the government’s special administration regime — a form of temporary renationalisation.

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Article Details

Author / Journalist: Gill Plimmer

Category: MarketsFinanceInvesting

Markets:

Topics:

Source Website Secure: Yes (HTTPS)

News Sentiment: Neutral

Fact Checked: Legitimate

Article Type: News Report

Published On: 2024-07-17 @ 03:00:11 (14 hours ago)

News Timezone: GMT -5:00

News Source URL: ft.com

Language: English

Article Length: 843 words

Reading Time: 5 minutes read

Sentences: 24 lines

Sentence Length: 36 words per sentence (average)

Platforms: Desktop Web, Mobile Web, iOS App, Android App

Copyright Owner: © Financial Times

News ID: 21659997

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Main Topics: MarketsFinanceInvesting

Official Website: ft.com

Update Frequency: 13 posts per day

Year Established: 1888

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News Last Updated: 12 hours ago

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