Southern Water at risk of debt default in event of further credit downgrades

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The story "Southern Water at risk of debt default in event of further credit downgrades" was covered 2 weeks ago by Financial Times, a news publisher based in United States.

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Financial Times 2w ago

Southern Water at risk of debt default in event of further credit downgrades - Financial Times

Quick Summary:

On top of the steep coupon payments, the bond was issued at a deep discount to face value: Southern raised £272mn but is still on the hook to repay £300mn to the lenders in 2031.

In another indication of the strain on the utility’s access to capital, Southern had to raise the bond in a private process primarily aimed at hedge funds, according to people familiar with the sale.

Southern is among the UK’s most indebted water companies, and struggling with rising borrowing costs.