Thames Water’s credit rating slashed to ‘junk’

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Financial Times 12h ago

Thames Water’s credit rating slashed to ‘junk’ - Financial Times

Quick Summary:

The water utility needs to maintain two investment-grade ratings in order to comply with its licence, unless water regulator Ofwat makes an exception and allows a degree of leniency.

While Thames Water is seeking new investors, it could struggle to attract fresh capital due to limitations Ofwat placed on potential bill rises for consumers.

The ratings downgrade could also raise the cost of borrowing for the company, which provides water and sewage services to about 16mn households and is seeking to avoid being taken over by the government’s special administration regime — a form of temporary renationalisation.