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Fitch rates Northumbrian Water debt BBB+, BBB
Fitch Ratings said it assigned Northumbrian Water Ltd.’s senior unsecured debt rating of BBB+ with a stable outlook.
Fitch said it also assigned Northumbrian Water Finance plc a senior unsecured debt rating of BBB+.
Notes issued by Northumbrian Water Finance are unconditionally and irrevocably guaranteed by Northumbrian Water Ltd.
In addition, Fitch has assigned Northumbrian Water Group Ltd.’s senior unsecured debt rating of BBB with a stable outlook.
Northumbrian Water Group is the holding company of Northumbrian Water Group Ltd.
“The ratings reflect Fitch's expectation that NWL's and NWG's forecast financial profile will remain commensurate with their current ratings for remainder of the current price control period ending March 2025 (AMP7) as well as for the next price control ending March 2030 (AMP8),” the agency said in a news release.
“This is supported by group's public financial policy to maintain unadjusted gearing of about 70% at NWL.”
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