S&P trims Southern Water

S&P said it lowered Southern Water Services Ltd.’s debt issued through SW (Finance) I plc (SWF) to BBB from BBB+. The agency, however, affirmed the issue rating on the bonds guaranteed by Assured Guaranty at AA.

“Southern Water Services Ltd.'s (SWS's) credit metrics will remain under significant pressure until March 2025 as the group accelerates its capital expenditure (capex) program to deliver its turnaround plan and continues to face the lingering effects of high inflation on its financing and operating costs. Additionally, SWS's operational performance continues to lag its regulatory performance commitments,” S&P said in a press release.

The outlook is stable.

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