...- On Sept. 20, 2024, Thames Water Utilities Finance PLC (Thames Water) announced that its liquidity sources only cover its liquidity needs until December 2024, unless it obtains senior creditors' approval to release ú0.38 billion of cash reserved under its financing covenants and unless it can draw on its ú0.42 billion revolving credit facility (RCF) line. - This announcement is contrary to our previous expectation in July, based on the company's disclosure, that liquidity would last the company through May 2025. - Thames Water is engaging with potential investors and creditors to seek new equity and to extend its liquidity sources. We believe Thames Water is now facing an acute near-term liquidity shortfall, and that, without any material positive developments, the issuer will likely restructure its debt within the next 12 months, which we would likely consider a default. - We therefore lowered our issue ratings on the class A and class B debt, which are based on the '###' stand-alone...
