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UTILITIES: Thames Water (Caa3/CC[N]/NR): Moody’s Downgrade

UTILITIES
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  • Moody’s cut Thames Water by two notches following the final determination from Ofwat issued in December. With allowed return on equity set at 4.03% vs 4.6% requested, it believes Thames Water is unattractive no new or existing equity investors. It also increases likelihood of a CMA appeal. This is all rather moot given the likely imminent debt restructuring with trigger a D rating.
  • The FT also reported that the UK government has made arrangements preparing for SAR. This makes sense as a backup plan should the debt restructuring fail to get court approval.
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  • Moody’s cut Thames Water by two notches following the final determination from Ofwat issued in December. With allowed return on equity set at 4.03% vs 4.6% requested, it believes Thames Water is unattractive no new or existing equity investors. It also increases likelihood of a CMA appeal. This is all rather moot given the likely imminent debt restructuring with trigger a D rating.
  • The FT also reported that the UK government has made arrangements preparing for SAR. This makes sense as a backup plan should the debt restructuring fail to get court approval.