Moody's: Thames notes at B1

Moody's Investors Service said it assigned a provisional B1 rating to the proposed £400 million of five-year notes to be issued under the £1 billion guaranteed secured medium-term note program of Thames Water (Kemble) Finance plc, a financing subsidiary of Kemble Water Finance Ltd.

The outlook is stable.

The rating reflects the low business risk profile of Kemble's principal subsidiary, Thames Water Utilities Ltd. as the monopoly provider of water and wastewater services in its area, along with the stable and transparent regulatory framework for the water sector in England and Wales, Moody's said.

The rating is a function of the overall credit quality of the group and the deeply subordinated position of the instrument and high expected loss given default, the agency said.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.