Moody's: Thames Water view to negative

Moody's Investors Service said it changed the outlook to negative from stable on the Baa1 corporate family rating of Thames Water Utilities Ltd., the A3 ratings on the senior secured class A notes and the Baa3 rating on the subordinated class B notes, issued under the £10 billion medium-term note program by Thames Water's finance subsidiaries, Thames Water Utilities Finance Ltd. and Thames Water Utilities Cayman Finance Ltd. and guaranteed by Thames Water.

Concurrently, the agency affirmed these ratings and the ratings of the guaranteed medium-term note program.

Moody's said the outlook change follows Thames Water's April 16 announcement that it would launch a consent solicitation process to obtain senior lenders' approval for certain technical amendments to its finance documentation to facilitate the preferred delivery solution for the Thames Tideway Tunnel project, the sewerage interceptor tunnel to be built underneath the river Thames.

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