Research Update: Thames Water Class A And B Debt Placed On CreditWatch Negative On Weakening Liquidity - S&P Global Ratings’ Credit Research

Research Update: Thames Water Class A And B Debt Placed On CreditWatch Negative On Weakening Liquidity

Research Update: Thames Water Class A And B Debt Placed On CreditWatch Negative On Weakening Liquidity - S&P Global Ratings’ Credit Research
Research Update: Thames Water Class A And B Debt Placed On CreditWatch Negative On Weakening Liquidity
Published Jul 10, 2024
4 pages (1904 words) — Published Jul 10, 2024
Price US$ 225.00  |  Buy this Report Now

About This Report

  
Abstract:

On July 9, Thames Water Utilities Finance PLC (Thames Water) announced its liquidity needs were covered until May 2025, but at below the liquidity coverage of 1.1x for the next 12 months under our current base case. The company also announced that it forecasts a trigger event in its financial covenants for fiscal 2025 (ending March 31, 2025). This in our view puts the 'BBB-' rating on Thames Water's class A debt and our 'BB' rating on the class B debt at greater risk of a downgrade. We are therefore placing our ratings on Thames Water's class A and class B debt on CreditWatch with negative implications pending further discussion with the company on remedy measures after the regulator's draft

  
Brief Excerpt:

...- On July 9, Thames Water Utilities Finance PLC (Thames Water) announced its liquidity needs were covered until May 2025, but at below the liquidity coverage of 1.1x for the next 12 months under our current base case. - The company also announced that it forecasts a trigger event in its financial covenants for fiscal 2025 (ending March 31, 2025). - This in our view puts the '###-' rating on Thames Water's class A debt and our '##' rating on the class B debt at greater risk of a downgrade. - We are therefore placing our ratings on Thames Water's class A and class B debt on CreditWatch with negative implications pending further discussion with the company on remedy measures after the regulator's draft determination is published on July 11, 2024....

  
Report Type:

Research Update

Ticker
1615Z@LN
Issuer
Thames Water Utilities Finance PLC
Sector
Global Issuers
Country
United Kingdom
Region
Latin America
Format:
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Cite this Report

  
MLA:
S&P Global Ratings’ Credit Research. "Research Update: Thames Water Class A And B Debt Placed On CreditWatch Negative On Weakening Liquidity" Jul 10, 2024. Alacra Store. May 13, 2025. <http://www.alacrastore.com/s-and-p-credit-research/Research-Update-Thames-Water-Class-A-And-B-Debt-Placed-On-CreditWatch-Negative-On-Weakening-Liquidity-3212520>
  
APA:
S&P Global Ratings’ Credit Research. (). Research Update: Thames Water Class A And B Debt Placed On CreditWatch Negative On Weakening Liquidity Jul 10, 2024. New York, NY: Alacra Store. Retrieved May 13, 2025 from <http://www.alacrastore.com/s-and-p-credit-research/Research-Update-Thames-Water-Class-A-And-B-Debt-Placed-On-CreditWatch-Negative-On-Weakening-Liquidity-3212520>
  
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