Research Update: Thames Water Downgraded To 'D' And Its Class A And B Debt Downgraded To 'D' - S&P Global Ratings’ Credit Research

Research Update: Thames Water Downgraded To 'D' And Its Class A And B Debt Downgraded To 'D'

Research Update: Thames Water Downgraded To 'D' And Its Class A And B Debt Downgraded To 'D' - S&P Global Ratings’ Credit Research
Research Update: Thames Water Downgraded To 'D' And Its Class A And B Debt Downgraded To 'D'
Published Feb 25, 2025
4 pages (1741 words) — Published Feb 25, 2025
Price US$ 225.00  |  Buy this Report Now

About This Report

  
Abstract:

On Feb. 18, 2025, the High Court of Justice of England and Wales sanctioned the restructuring plan proposed by Thames Water Utilities Holdings Ltd. in connection with implementing a liquidity extension transaction. Thames Water Utilities Limited (TWUL) announced the plan became effective on Feb. 21, 2025. We expect that as of Feb. 25, 2025, two working days after the restructuring plan's effective date, the maturities of all Class A debt and Class B debt issued by Thames Water Utilities Finance PLC (TWUF) will be extended by two years. We treat the maturity extension as tantamount to a default because, in our view, TWUL and TWUF are distressed, and the maturity extension is a modification to the credit agreement whereby lenders

  
Brief Excerpt:

...Ratings list Downgraded; Outlook Action To From Thames Water Utilities Ltd. Thames Water Utilities Finance PLC Issuer Credit Rating D/-- ##/Negative/-- Foreign Currency D/-- ##/Negative/-- Downgraded; Recovery Ratings Unchanged To From Thames Water Utilities Finance PLC Senior Secured D ## Recovery Rating 3(65%) 3(65%) Subordinated D C Recovery Rating 6(0%) 6(0%)...

  
Report Type:

Research Update

Ticker
1615Z@LN
Issuer
Thames Water Utilities Finance PLC
Sector
Global Issuers
Country
United Kingdom
Region
Latin America
Format:
PDF Adobe Acrobat
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S&P Global Ratings’ Credit Research—S&P Global Ratings’ credit research provides analysis on issuers and debt obligations of corporations, states and municipalities, financial institutions, insurance companies and sovereign governments. S&P Global Ratings also offers insight into the credit risk of structured finance deals, providing an independent view of credit risk associated with a growing array of debt-securitized instruments.

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Cite this Report

  
MLA:
S&P Global Ratings’ Credit Research. "Research Update: Thames Water Downgraded To 'D' And Its Class A And B Debt Downgraded To 'D'" Feb 25, 2025. Alacra Store. May 13, 2025. <http://www.alacrastore.com/s-and-p-credit-research/Research-Update-Thames-Water-Downgraded-To-D-And-Its-Class-A-And-B-Debt-Downgraded-To-D-3328764>
  
APA:
S&P Global Ratings’ Credit Research. (). Research Update: Thames Water Downgraded To 'D' And Its Class A And B Debt Downgraded To 'D' Feb 25, 2025. New York, NY: Alacra Store. Retrieved May 13, 2025 from <http://www.alacrastore.com/s-and-p-credit-research/Research-Update-Thames-Water-Downgraded-To-D-And-Its-Class-A-And-B-Debt-Downgraded-To-D-3328764>
  
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