The troubled utility earlier this week breached it operating licence when some of its £16.5bn debt pile was downgraded to 'junk' status but its precarious financial position means it is unlikely to face hefty fines at this stage
The troubled utility earlier this week breached it operating licence when some of its £16.5bn debt pile was downgraded to 'junk' status but its precarious financial position means it is unlikely to face hefty fines at this stage
The utility, the country’s largest water monopoly with some 16m customers, has pledged to seek new investment as it struggles to deal with a vast debt pile of some £16.5bn.But the scale of its problems were underlined this week when US-based credit ratings agency Moody’s downgraded some of that debt to “junk” or below investment grade, citing what it said was Thames Water’s “weakening liquidity” position.
The utility underlined this week that it is still pursuing new private sector funding, with £750m in new equity needed early next year and a further £2.5bn by 2030. But it is feared that failure to convince Ofwat of its plans, including a five-year business strategy due to be decided by December, means the company is unlikely to avoid being brought under a Special Administration Regime – a form of temporary renationalisation.
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