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Debt information

Thames Water is part of a group of companies. View our simplified corporate structure.

Thames Water Utilities Limited (TWUL) Group includes:

  • Thames Water Utilities Limited (operating company)
  • Thames Water Utilities Finance PLC (financing company)

We aim to finance our borrowings efficiently, by borrowing from diverse sources. These are usually in the public bonds markets, through private placements and loans. We seek to maintain enough cash and undrawn facilities to finance at least the next 12 months.

We manage our interest rate risk through derivatives. The majority of our debt is on a post-swap basis, either in fixed rates or index-linked. We swap all our non-sterling debt to sterling through cross-currency interest rate swaps.

We spread the maturity profile of our debt. This includes issuing long-dated debt to fund long-term assets of our regulated business. Some of our debt is issued in green or sustainable format to fund capital projects. These deliver environmental benefits, under our Sustainable Financing Framework.

Bond prospectuses and final terms

Financial statements

Investor reports

Sustainable financing

Other group companies debt information

TWUL credit ratings

This table shows the credit ratings for Thames Water Utilities Limited (TWUL) Group. 

Agency

Class A

Class B

Outlook

S&P CCC CC negative
Moody's Caa3 C stable

Rating agency reports

The following reports show our latest credit ratings.

Standard & Poor's

February 2025

.pdf | 148 KB

View report

Moody's

February 2025

.pdf | 56 KB

View report

TWUL debt maturity

This chart shows Thames Water Utilities Limited’s debt maturity over the next 15 years - as at 30 September 2024.

TWUL debt maturity graph

Note that as of 18 February 2025, the maturity date of all outstanding debt was extended by two years. This will revert to the prior maturity date under certain conditions, including that the relevant class of debt is investment grade with two rating agencies.

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