Thames Water , the troubled British utility, on Thursday had the credit ratings cut on its debt and its holding company’s debt by two ratings agencies, sending the value of the bonds down sharply.
Britain’s largest water utility has been engulfed in crisis and faces potential nationalization after its shareholders last week refused to pay up to help stabilize its finances. “We believe that some form of default is probable and even if lenders agree to amend and extend the upcoming loan,” Fitch said in a statement.
Rival agency S&P said it had lowered its rating on Thames Water’s class A and B debt and assigned it a negative outlook – usually a sign that a downgrade may materialize.
Source: Loan Digest (loandigest.net)
Kemble Utility Water Company Default Fitch Form UK S&P Britain
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