PARIS (Standard&Poor's) Sept. 7, 2007--Standard&Poor's Ratings Services said today that it has affirmed its 'BBB+' long-term senior unsecured debt ratings on the following three yen bonds issued by Thames Water Utilities Finance Ltd. (TWUF) and guaranteed by Thames Water Utilities Ltd. (TWUL; BBB+/Watch Neg/--), the U.K. regulated water and sewerage utility: --¥2 billion 3.0% EMTN, due 2011, --¥5 billion 1.704% EMTN, due 2009, --¥5 billion 2.135% EMTN, due 2009. These bonds have been transferred within the Thames Water Utilities corporate securitization structure. Standard&Poor's lowered to 'BBB' from 'BBB+' its long-term senior unsecured debt rating on the ¥4 billion 2.28% EMTN maturing March 2008 issued by TWUF. The downgrade reflects the bond's subordination as it
