The water regulator was unable to prevent China and Abu Dhabi-owned Thames Water paying out dividends to shareholders even as it ran up a debt mountain, theipaper can reveal 🔴 CapurrodDaniel and BenGartside report
They are designed both to keep water companies viable and to prevent owners from syphoning money away if a business is on the brink of collapse.
In 2019, Fitch, a rating agency, downgraded two subsidiaries linked to Thames Water to B, meaning “material default risk is present”, with a “limited margin of safety.” Thames Water say the two companies do not issue debt on behalf of the parent company, so they were ring-fenced from the regulations, although its own annual report describes their role in raising funds for the wider group.
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