May 17, 2024 10:20 GMT
Thames Water (Baa3): Kemble Write Off
UTILITIES
Negative for sentiment. Big picture, the main credit driver remains expected size of haircuts under SAR.
• *THAMES WATER'S TOP INVESTOR WRITES OFF STAKE AS CRISIS WORSENS – bbg
• This appears to confirm any faint hope of Kemble shareholders reaching an agreement with Ofwat has gone. Follows news that Omer’s board representative stepped down yesterday.
• The central scenario of SAR now seems inevitable.
• €31s have sold off ~1pt in recent sessions, following some recovery from the lows on reports of distressed investors building stakes.
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