Moody's downgrades Thames Water

Moody's Investors Service said it downgraded to Baa2 from Baa1 the corporate family rating of Thames Water Utilities Ltd. Concurrently, Moody's downgraded Thames Water Utilities Finance plc's senior secured debt rating to Baa1 from A3 and its subordinated debt rating to Ba1 from Baa3. The outlook on the ratings is stable.

Moody's confirmed the B1 senior secured rating of Thames Water (Kemble) Finance plc. The outloo is stable.

These rating actions conclude the rating review initiated on Dec. 20, following publication by the Water Services Regulation Authority (Ofwat), the economic regulator for water companies in England and Wales, of its final determination for the forthcoming five-year regulatory period, commencing on April 1 (AMP7).

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