Finance and Investment
Moodys Investors Service is warning it “cannot fully exclude some contagion risk” resulting from the formal notices of default sent by Thames Water's holding company Kemble Water Finance Limited and its financing subsidiary Thames Water (Kemble) Finance PLC to the holders of their debt instruments, including the £400 million 4.625% senior secured notes due in May 2026.
Kemble Water Finance, parent company of Thames Water, has defaulted on its debt to creditors after failing to make an interest payment which was due on Tuesday according to reports in online media, including Reuters, Financial Times, Bloomberg and City AM.
Fitch Ratings has downgraded Thames Water’s holding company, Kemble Water Finance Ltd long-term Issuer Default Rating (IDR) and senior secured debt rating to 'CC' from 'CCC' – two steps above default.
The Chartered Institute of Internal Auditors (CIIA) has warned Ofwat of the need to ensure that all the water companies have internal auditors, according to a report by the Financial Times at the weekend.
An article in The Telegraph newspaper is warning that Thames Water is facing a “sink or swim moment as its debt crisis deepens”.
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Thames Water starts work on £20 million pipe upgrade in Islington February 13, 2024
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