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UTILITIES: Thames Water (Ba2/NR/NR): Moody’s Rating Cut

UTILITIES
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THAMES € class A down 2.5-4 points

  • Moody’s cuts Thames Water by 2 notches to Ba2 and the outlook remains negative.
  • Class A is downgraded to Ba1, class B to B3.
  • Ofwat requires investment grade ratings for compliance with its licensing requirements, so an enforcement action could be triggered. That could potentially justify SAR action from the government, although they have been keen to avoid that scenario. It remains to be seen if their position will change on this and the draft determination, but importantly that was a pre-election stance.
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THAMES € class A down 2.5-4 points

  • Moody’s cuts Thames Water by 2 notches to Ba2 and the outlook remains negative.
  • Class A is downgraded to Ba1, class B to B3.
  • Ofwat requires investment grade ratings for compliance with its licensing requirements, so an enforcement action could be triggered. That could potentially justify SAR action from the government, although they have been keen to avoid that scenario. It remains to be seen if their position will change on this and the draft determination, but importantly that was a pre-election stance.