Utility’s investment-grade rating and debt covenants have come under pressure amid Thames Water crisis
Interested shareholders say they have been unable to access the books as troubled utility races to raise cash
Plus, Citi leans into private credit with new $25bn partnership and a huge dividend recapitalisation tests the market
S&P and Moody’s cut ratings by five notches as utility struggles to refinance
UK utility’s hopes of avoiding renationalisation are disappearing fast
Utility must extend £530mn credit facility due in two weeks to have enough cash to last into 2025
Groups allegedly under-reported scale of their sewage pollution
The troubled UK utility is going to the High Court to request a deal with its creditors
Lenders including US hedge fund Elliott in talks over back-up plan as UK’s largest utility struggles to raise equity
Companies can expect higher borrowing costs as investors demand larger premium
Utility calls for 52 per cent increase in customer bills by 2030 to fund investment
Export Development Canada has sold loans it made to UK water company at deep discounts
Struggling utility accepts greater oversight and new independent directors in lieu of regulatory penalty
Yorkshire Water and Northumbrian Water also sanctioned by regulator
For a start, the regulator must act quickly if it is to retain any shred of credibility
London utility edges towards nationalisation after S&P slashes its credit status to ‘junk’
Pension fund says writedown of stake in troubled utility will ‘influence’ its approach
Decision by rating agency Moody’s leaves London’s water supplier teetering
Loss of investment-grade status for utility’s safer debt could increase regulatory scrutiny and flood high yield market with bonds
The board has failed to deliver — bring in the Special Administrators
Bills are rising across the country and the UK’s biggest water company is in special measures
Regulator signs off on limited increase in household bills across the country
Proposals come as South East Water warns it needs investors to put more money into the business
Struggling utility appeals to regulator Ofwat to approve new business plan
A serious reset led by the next government is vital for an industry that delivers this human necessity
