Fitch downgrades Kemble

Fitch Ratings said it downgraded Kemble Water Finance Ltd.'s long-term issuer default rating to Restricted Default (RD) from C but affirmed the senior secured rating at C. The recovery rating remains RR4. Kemble is the holding company for Thames Water Utilities Ltd.

The downgrade reflects Kemble's missed interest payment on £149.8 million of senior secured series 3 notes due 2026 that was due on April 2, which remained uncured after the expiry of the five business days' grace period, Fitch said.

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