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Moody’s eyes Severn Trent for downgrade
Moody’s Investors Service said it placed on review for downgrade the A3 issuer rating of Severn Trent Water Ltd., the A3 senior unsecured debt ratings of Severn Trent Water Utilities Finance plc, whose issuance is guaranteed by Severn Trent Water and the Baa1 issuer and senior unsecured debt ratings of Severn Trent plc.
The rating action follows 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 regulatory period. The determination includes a significant cut in allowed returns which, in conjunction with challenging performance targets, will weigh on Severn Trent Water’s credit quality.
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