The utility's problems have been compounded as it is now in breach of its licence requirements, though Thames Water says it was expecting the decision.
It is now even harder and more expensive for the UK's biggest water provider to borrow money as leading credit ratings agency Moody's has downgraded its debt to 'junk' status. Thames Water's parent company had already defaulted on some loan payments that make up its £16.5bn debt pile. More pressure will be put on its ability to meet debt obligations as a result of the downgrade.
Also considered, Moody's said, was Thames Water's annual financial results which the ratings agency said indicated 'its weakening liquidity position'. What does 'junk' mean? A junk rating means Moody's thinks there is a likelihood of default. Moody's is just one rating agency and reflects its take on Thames Water's financial health.
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