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CREDIT SUPPLY: Thames Water (THAMES Caa1/CCC): S&P and Moody’s Downgrade

CREDIT SUPPLY
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  • S&P has downgraded Class A and B to CCC+ and CCC- from BB and B, outlook negative.
  • Reflects the latest disclosures that it only has liquidity until December 2024 unless certain facilities can be accessed. Drawing dedicated liquidity reserves would be an event of default under its covenants and would trigger a standstill period.
  • Management and governance assessment changed to “negative” from “moderately negative”.
  • Restructuring is likely within the next 12 months and will be an event of default if bondholders are not adequately compensated, which is a near certainty.
  • Moody’s has downgraded on similar grounds, viewing a distressed exchange as highly likely citing similar liquidity analysis. They also downgrade their view of ESG.
  • Class A and B are now rated Caa1 and C, outlook negative.
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  • S&P has downgraded Class A and B to CCC+ and CCC- from BB and B, outlook negative.
  • Reflects the latest disclosures that it only has liquidity until December 2024 unless certain facilities can be accessed. Drawing dedicated liquidity reserves would be an event of default under its covenants and would trigger a standstill period.
  • Management and governance assessment changed to “negative” from “moderately negative”.
  • Restructuring is likely within the next 12 months and will be an event of default if bondholders are not adequately compensated, which is a near certainty.
  • Moody’s has downgraded on similar grounds, viewing a distressed exchange as highly likely citing similar liquidity analysis. They also downgrade their view of ESG.
  • Class A and B are now rated Caa1 and C, outlook negative.