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UTILITIES: Thames Water (Caa1[N]/CCC[N]/NR): Ofwat Fines

UTILITIES
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  • Thames has been fined £57mn by Ofwat for missing environmental and efficiency KPIs, despite YoY improvement taking it into the “average” category, from “lagging”. The sector was fined £158mn in total.
  • While a small number, this again highlights investment risk at a time when it’s trying to raise new equity post a likely restructuring.
  • Separately Global Capital reports that a £410mn Class A RCF due yesterday has been rolled over. It appears creditors are happy to give it some time to work throught restructuring proposals. 
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  • Thames has been fined £57mn by Ofwat for missing environmental and efficiency KPIs, despite YoY improvement taking it into the “average” category, from “lagging”. The sector was fined £158mn in total.
  • While a small number, this again highlights investment risk at a time when it’s trying to raise new equity post a likely restructuring.
  • Separately Global Capital reports that a £410mn Class A RCF due yesterday has been rolled over. It appears creditors are happy to give it some time to work throught restructuring proposals.