Fitch downgrades Kemble Water

Fitch Ratings said it downgraded Kemble Water Finance Ltd.'s senior secured debt rating to B+ from BB- and Kemble's issuer default rating to B+ from BB- and removed it from rating watch negative.

The outlook was revised to negative.

“The downgrades reflect pressure on Kemble's and Thames Water Utilities Ltd.'s (TWUL, operating company) financial profiles from the U.K. water industry regulator's (Ofwat) challenging final price determinations (FD),” the agency said in a news release.

“Lower cash flow at TWUL as a result of the FD intensifies pressure on Kemble's financial profile.”

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