Fitch puts Anglian Water on positive watch

Fitch Ratings said it placed Anglian Water Services Financing plc's senior secured class B debt, rated at BBB, on rating watch positive and affirmed its senior secured class A debt rating at A-. The agency simultaneously placed the holding company Osprey Acquisitions Ltd.'s BB- long-term issuer default and senior secured debt ratings of BB- on RWP.

“The rating action reflects a newly proposed financing structure, with significant de-leveraging of AWS and OAL, as well as strengthening of the covenanted regimes at both entities. The de-leveraging will be achieved via raising external debt at the newly created holding company Aigrette Financing Ltd. (AFL), structurally positioned above OAL, and injecting it into OAL and AWS as equity,” Fitch said in a press release.

The agency said it aims to resolve RWP after the transaction’s close, once the planned equity injections from AFL to OAL and from OAL to AWS take place and the deed poll to not raise any new class B debt comes into force.

The outlook is stable.

© 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.