Thames Water Utilities Limited S&P Ratings Action

RNS Number : 6590Y

Thames Water Utilities Limited

31 July 2024

 

Thames Water Utilities Limited

S&P Ratings Action

Thames Water Utilities Limited ("TWUL" or the "Company") notes the rating downgrades published today by Standard & Poor's ("S&P"). S&P has downgraded its Class A debt rating to BB and its Class B debt rating to B. These ratings have a negative outlook.

TWUL alerted Ofwat to the possibility of potential credit rating downgrades in April 2024 and continues to work with Ofwat to maintain the ongoing financial resilience of the business.  Management is engaging with investors and its creditors and remains committed to seeking new equity funding and exploring all options to extend its liquidity runway.

Increasing our financial resilience and securing an investible PR24 determination is a critical priority for the business. In the meantime, it's business as usual for our customers and our teams on the ground who will continue to supply our services and remain focused on the delivery of our turnaround plan.

Ends

Investor enquiries

Sarah Davies - Head of Investor Relations
Frederick Maroudas - Director of Corporate Finance
[e-mail]

Media enquiries

Suvra Jans - Head of Media Relations
[e-mail]

07747 640 810

 

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact [e-mail] or visit www.rns.com.

RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our Privacy Policy.

 

END

 

 

MSCWPUCAMUPCGAG