Thames Water Utilities Limited Thames Water Utilities Finance plc Moody’s ratings action

Thames Water Utilities Limited (“TWUL” or the “Company”) notes the rating downgrades published today by Moody’s Ratings (“Moody’s”). Moody’s has downgraded its corporate family rating (“CFR”) to Ba2, Class A debt rating to Ba1 and Class B debt rating to B3.  All these ratings maintain a negative outlook.  

TWUL alerted Ofwat to the possibility of potential credit rating downgrades in April 2024 and continues to work with Ofwat to maintain the ongoing financial resilience of the business. Management is engaging with investors and its creditors and remains committed to seeking new equity funding and exploring all options to extend its liquidity runway. 

Increasing our financial resilience and securing an investible PR24 determination is a critical priority for the business. In the meantime, it’s business as usual for our customers and our teams on the ground who will continue to supply our services and remain focused on the delivery of our turnaround plan.