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UTILITIES: United Utilities (UU A3/BBB+/A-): 3Q Trading Update

UTILITIES
  • The Ofwat final determination was accepted, unsurprisingly.
  • Gearing target remains at 55-65%, 60% reported at 1H results. It targets at least Baa1/BBB+/A- senior unsecured. Moody’s just downgraded it to Baa1; we will circle back on that.
  • FY25 guidance confirmed.
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  • The Ofwat final determination was accepted, unsurprisingly.
  • Gearing target remains at 55-65%, 60% reported at 1H results. It targets at least Baa1/BBB+/A- senior unsecured. Moody’s just downgraded it to Baa1; we will circle back on that.
  • FY25 guidance confirmed.