S&P downgrades Thames Water debt further into ‘junk’ territory

Quick Summary:

S&P also revised its recovery expectation for class A holders in the case of a default down from 70-90 per cent to 50-70 per cent.

For the deal to go ahead, Thames Water would need 75 per cent of its lenders to agree.

The new financing would also be provided with an “original issuance discount” of 3 per cent, meaning the lenders will be paid back a larger face value than they originally lent when the debt matures.

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Article Details

Author / Journalist: Euan Healy

Category: MarketsFinanceInvesting

Markets: United States

Topics: Financing Financial Thames Cent Class Creditors Rating Debt Water Existing £3bn

Source Website Secure: Yes (HTTPS)

News Sentiment: Neutral

Fact Checked: Legitimate

Article Type: News Report

Published On: 2024-10-29 @ 18:55:05 (1 days ago)

News Timezone: GMT -5:00

News Source URL: ft.com

Language: English

Article Length: 553 words

Reading Time: 4 minutes read

Sentences: 21 lines

Sentence Length: 27 words per sentence (average)

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

Copyright Owner: © Financial Times

News ID: 23330724

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