...The rating of Anglian Water Services Financing's (AWSF; financing company for opco Anglian Water Services Limited, or AWS) reflects Fitch Ratings' expectation of gradual deleveraging to 66% by the end of the five-year price control period ending March 2030 (AMP8), which is comfortably below our tightened negative rating sensitivity of 70% in AMP8 (from 72% in AMP7). The Negative Outlook on Osprey Acquisitions Limited's (OAL; the midco) rating reflects our expectation that its net debt/regulated capital value (RCV) will breach our tightened negative rating sensitivity of 75% (from 79% in AMP7) in the first two years of AMP8. We expect shareholders to inject fresh equity by mid-AMP8 to address this gap. However, failure to implement proactive measures to strengthen the three-tier capital structure within 12-18 months would result in a downgrade....
