Fitch affirms Kemble, Thames

Fitch Ratings said it affirmed Kemble Water Finance Ltd.'s issuer default rating at BB- and senior secured rating at BB.

The agency also said it affirmed Thames Water (Kemble) Finance plc's £400 million senior secured bond issue at BB, which is guaranteed by Kemble Water.

Kemble Water is a holding company of Thames Water Utilities Ltd., the regulated monopoly provider for water and wastewater services in London and surrounding areas, Fitch said.

The ratings reflect the regulatory environment in which Thames Water operates, its positions in the water industry in terms of operational and regulatory performance, the subordinated nature of financial obligations at the holding company level and the structural enhancements included in the documentation through covenants and security, the agency said.

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