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of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.
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Free AccessUTILITIES: Thames Water (THAMES Baa3[N]): FY Results
Slightly negative with updated assumptions. Ofwat on July 11th will be a key event
- Gearing at 80.6%, in line with Moody’s range and below S&P’s 84% estimate from April.
- Liquidity at £1.8bn, which it sees as sufficient to May 25 which is unchanged.
- Reported senior PMICR (coverage) improved from 1.6x to 1.76x. The agencies use different adjustments; Moody’s expected unchanged to 0.4x better, S&P expected unchanged.
- Continuing to seek new equity and credit. However, Thames longer assumes equity injection for its covenant forecasts which now show a trigger event in 2024/25. This would bring restrictions and preparation of a remedial plan but is not an event of default in itself.
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Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.