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Thames Water (Baa3): Government Contingency Plans

UTILITIES

• The Guardian reports details of an internal government plan for Thames Water if it is nationalised.

• Under the plans’ central scenario haircuts of 35-40% for category B and 5-10% for category A would be applied. That could rise to 25% in an extreme scenario.

• The above appears better than the 15-25% haircuts speculated in the market recently.

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