Ratings agencies downgrade Thames Water further into ‘junk’ status
6 months ago

Ratings agencies downgrade Thames Water further into ‘junk’ status

The Independent  

For free real time breaking news alerts sent straight to your inbox sign up to our breaking news emails Sign up to our free breaking news emails Sign up to our free breaking news emails SIGN UP I would like to be emailed about offers, events and updates from The Independent. Read our privacy policy Credit agencies Moody’s and S&P have downgraded Thames Water’s debt rating even deeper into junk status, in a fresh blow to the struggling utility. S&P, meanwhile, lowered its rating on Thames Water’s class A debt to CCC+, which indicates a similar verdict on the company. If Thames Water does not raise fresh cash, it faces a potential nationalisation next year, something the Labour Government has said it is keen to avoid. A Thames Water spokesperson said: “We continue to operate to the undertakings agreed with our regulator in July 2024 following the reduction in our Class A debt rating to sub-investment grade and we continue to engage with creditors to consider options for the extension of our liquidity runway.”

Water Debt Company Sign Rating Thames Water Thames Free Breaking  sign  status  agencies  rating  thames  debt  free  breaking  emails  continue  junk  water  ratings  downgrade  company

History of this topic

Thames Water secures £3billion lifeline to stave off financial collapse after court battle over it's restructuring plans
1 week, 4 days ago

Thames Water secures £3billion lifeline to stave off financial collapse after court battle over it's restructuring plans

Daily Mail  

Thames Water has won a £3billion emergency bailout bid to stave off its collapse after judges dismissed an appeal against the debt-ridden company's restructure. Thames Water's chief executive Chris Weston said the firm was 'pleased' that the Court of Appeal had upheld a 'strong High Court decision'. Thames Water's boss said the dismissal of a court appeal against its £3 …

Thames Water wins court approval in London for emergency funding deal
Trending News
1 week, 4 days ago

Thames Water wins court approval in London for emergency funding deal

Associated Press  

LONDON — Thames Water, which serves 16 million people in and around London, has received court approval for up to 3 billion pounds of emergency funding, preventing the company from falling into government administration. Thames Water, which has about 17 billion pounds of debt, was in danger of running out of money within days if the court had not authorized …

Thames Water Making Plans for Possible Special Administration
3 weeks ago

Thames Water Making Plans for Possible Special Administration

Live Mint  

-- Thames Water is preparing for the possibility that it may be pushed into special administration following an appeal in a London court next week, according to people familiar with the matter. Dissenting parties — including Charlie Maynard, a Liberal Democrat lawmaker who says he’s acting on behalf of Thames Water customers in his constituency — are asking the court …

Group of Thames Water creditors lose alternative restructuring plan bid
1 month, 1 week ago

Group of Thames Water creditors lose alternative restructuring plan bid

The Independent  

For free real time breaking news alerts sent straight to your inbox sign up to our breaking news emails Sign up to our free breaking news emails Sign up to our free breaking news emails SIGN UP I would like to be emailed about offers, events and updates from The Independent. Read our privacy policy An alternative plan to restructure …

Why taxpayers could still face a bill for Thames Water despite £3bn lifeline
1 month, 1 week ago

Why taxpayers could still face a bill for Thames Water despite £3bn lifeline

The Independent  

Britain’s largest, and most indebted, private utility, Thames Water, has been in financial difficulties for some time and has now been given another reprieve by the High Court. The company has substantial physical assets and should, in normal circumstances, with sympathetic regulators and the right balance sheet, enjoy steady monopoly returns from captive consumers – one in four of the …

Thames Water among six water firms urging watchdog for higher bill increases
1 month, 1 week ago

Thames Water among six water firms urging watchdog for higher bill increases

The Independent  

For free real time breaking news alerts sent straight to your inbox sign up to our breaking news emails Sign up to our free breaking news emails Sign up to our free breaking news emails SIGN UP I would like to be emailed about offers, events and updates from The Independent. Read our privacy policy Thames Water is among six …

Fury as ‘profit-thirsty zombie’ Thames Water kept afloat by £3bn bailout
1 month, 1 week ago

Fury as ‘profit-thirsty zombie’ Thames Water kept afloat by £3bn bailout

The Independent  

Get the free Morning Headlines email for news from our reporters across the world Sign up to our free Morning Headlines email Sign up to our free Morning Headlines email SIGN UP I would like to be emailed about offers, events and updates from The Independent. open image in gallery Campaigners are calling for Thames Water to be returned to …

Thames Water’s £3bn loan to stave off collapse despite ‘eye-watering’ terms
1 month, 1 week ago

Thames Water’s £3bn loan to stave off collapse despite ‘eye-watering’ terms

The Independent  

For free real time breaking news alerts sent straight to your inbox sign up to our breaking news emails Sign up to our free breaking news emails Sign up to our free breaking news emails SIGN UP I would like to be emailed about offers, events and updates from The Independent. Read our privacy policy Thames Water has won approval …

Thames Water creditors given go-ahead to appeal against restructuring approval
1 month, 1 week ago

Thames Water creditors given go-ahead to appeal against restructuring approval

The Independent  

For free real time breaking news alerts sent straight to your inbox sign up to our breaking news emails Sign up to our free breaking news emails Sign up to our free breaking news emails SIGN UP I would like to be emailed about offers, events and updates from The Independent. A group of Thames Water’s Class B creditors had …

Judge approves emergency plan to keep Britain’s largest water company afloat
1 month, 1 week ago

Judge approves emergency plan to keep Britain’s largest water company afloat

Associated Press  

LONDON — A judge approved an emergency plan Tuesday to keep Britain’s largest water company afloat, averting the possibility of a temporary government takeover. Justice Thomas Leech ruled in the High Court in London that the company’s restructuring proposal was a better alternative for the public than having Thames Water become insolvent and come under government administration, or a competing …

Thames Water restructuring approved by High Court judge
1 month, 1 week ago

Thames Water restructuring approved by High Court judge

The Independent  

For free real time breaking news alerts sent straight to your inbox sign up to our breaking news emails Sign up to our free breaking news emails Sign up to our free breaking news emails SIGN UP I would like to be emailed about offers, events and updates from The Independent. After taking into account the public interest in ensuring …

Thames Water Will Learn Fate Next Week as Cash Is Running Out
1 month, 2 weeks ago

Thames Water Will Learn Fate Next Week as Cash Is Running Out

Live Mint  

-- Beleaguered utility Thames Water will finally learn its future in less than 100 hours as any hopes for a rescue package rest with a London judge. Early next week, Judge Thomas Leech will give his verdict on a £3 billion emergency loan that would keep Thames afloat until the end of the year. March 24 “is the date Thames …

Thames Water running out of money ‘a risk which cannot be run’, High Court told
1 month, 3 weeks ago

Thames Water running out of money ‘a risk which cannot be run’, High Court told

The Independent  

For free real time breaking news alerts sent straight to your inbox sign up to our breaking news emails Sign up to our free breaking news emails Sign up to our free breaking news emails SIGN UP I would like to be emailed about offers, events and updates from The Independent. Read our privacy policy Allowing Thames Water to run …

It’s about time Thames Water was flushed away
2 months ago

It’s about time Thames Water was flushed away

The Independent  

The idea that Thames Water’s customers should pay extra because the company’s shareholders are unwilling to shoulder the cost of building the required infrastructure and restructuring is abhorrent. If our emissions are 1 per cent of the global total, we are already exceeding our share of the world population; according to the latest data, the UK’s population represents approximately 0.84 …

How water firms could rinse the taxpayer
3 months, 1 week ago

How water firms could rinse the taxpayer

The Independent  

It was probably not the best day for the water industry regulator to announce that average bills in England and Wales will increase by 36 per cent over the next five years. Its debts of around £18bn are simply too large to service without swingeing increases in bills and possible taxpayer assistance – subsidies that will end up in the …

Thames Water slapped with £18m fine by Ofwat for dishing out 'unjustified' dividends
3 months, 1 week ago

Thames Water slapped with £18m fine by Ofwat for dishing out 'unjustified' dividends

Daily Mail  

Thames Water has been handed an £18.2million fine after regulator Ofwat used powers to crack down on firms paying 'unjustified' dividends for the first time. The regulator said Thames Water made interim dividend payouts totalling £37.5million to its holding company, Thames Water Utilities Holdings Limited, in October last year and further payouts of about £158.3million in March 2024. The ruling …

Creditors in High Court row over Thames Water restructuring plans
3 months, 1 week ago

Creditors in High Court row over Thames Water restructuring plans

The Independent  

For free real time breaking news alerts sent straight to your inbox sign up to our breaking news emails Sign up to our free breaking news emails Sign up to our free breaking news emails SIGN UP I would like to be emailed about offers, events and updates from The Independent. But this is opposed by a secondary group of …

UK water companies 'must do more to help bill payers'
3 months, 1 week ago

UK water companies 'must do more to help bill payers'

China Daily  

A vehicle enters Thames Water's Mogden sewage treatment works in West London, England in this file photo. BEN STANSALL / AFP Water companies in England and Wales have been urged to offer more help to vulnerable customers and bill payers ahead of the latest round of price increases, due to be announced this week. For the last few years, privatized …

UK water companies 'must do more to help bill payers'
3 months, 1 week ago

UK water companies 'must do more to help bill payers'

China Daily  

A vehicle enters Thames Water's Mogden sewage treatment works in West London, England in this file photo. BEN STANSALL / AFP Water companies in England and Wales have been urged to offer more help to vulnerable customers and bill payers ahead of the latest round of price increases, due to be announced this week. For the last few years, privatized …

Households ‘to be hit with hike in water bills of at least 20 per cent’ sparking backlash
3 months, 1 week ago

Households ‘to be hit with hike in water bills of at least 20 per cent’ sparking backlash

The Independent  

Sign up for the View from Westminster email for expert analysis straight to your inbox Get our free View from Westminster email Get our free View from Westminster email SIGN UP I would like to be emailed about offers, events and updates from The Independent. Read our privacy policy Households are going to be hit with a hike in water …

Thames Water got itself into this mess – but its customers will pay the price
3 months, 2 weeks ago

Thames Water got itself into this mess – but its customers will pay the price

The Independent  

The latest results from Thames Water are difficult to wade through. Companies like to report several different measures of profit, and Thames Water – which, remember, still needs to find £3bn to survive past March – says its earnings before interest, taxes, depreciation, and amortisation, increased by 14 per cent to £715m, when compared with the same period in 2023. …

Thames Water boss defends bonuses and repeats calls for steep bills hikes
3 months, 2 weeks ago

Thames Water boss defends bonuses and repeats calls for steep bills hikes

The Independent  

For free real time breaking news alerts sent straight to your inbox sign up to our breaking news emails Sign up to our free breaking news emails Sign up to our free breaking news emails SIGN UP I would like to be emailed about offers, events and updates from The Independent. Regulator Ofwat revealed in November that Thames Water was …

Thames Water is a leaky pipe – so why are bidders fighting to buy it?
3 months, 3 weeks ago

Thames Water is a leaky pipe – so why are bidders fighting to buy it?

The Independent  

It’s not Thames Water anymore and it hasn’t been that for quite some time; it’s Thames Wat-er-mess. The tragedy of this now-zombie company – which has warned that it will run out of cash sometime next year – is that things like leaks, customer service and the untreated sewage that keeps getting pumped into the environment aren’t anywhere near the …

Investors line up ahead of Thames Water deadline for £3.3bn equity raise
3 months, 3 weeks ago

Investors line up ahead of Thames Water deadline for £3.3bn equity raise

The Independent  

For free real time breaking news alerts sent straight to your inbox sign up to our breaking news emails Sign up to our free breaking news emails Sign up to our free breaking news emails SIGN UP I would like to be emailed about offers, events and updates from The Independent. Read our privacy policy A water supplier to more …

Water firms blocked from using customer cash for ‘undeserved’ £6.8m boss bonuses
4 months, 1 week ago

Water firms blocked from using customer cash for ‘undeserved’ £6.8m boss bonuses

The Independent  

For free real time breaking news alerts sent straight to your inbox sign up to our breaking news emails Sign up to our free breaking news emails Sign up to our free breaking news emails SIGN UP I would like to be emailed about offers, events and updates from The Independent. Read our privacy policy Nine water companies, including stricken …

Water firms blocked from using billpayer cash for ‘unjustifiable’ bonuses
4 months, 1 week ago

Water firms blocked from using billpayer cash for ‘unjustifiable’ bonuses

The Independent  

For free real time breaking news alerts sent straight to your inbox sign up to our breaking news emails Sign up to our free breaking news emails Sign up to our free breaking news emails SIGN UP I would like to be emailed about offers, events and updates from The Independent. Read our privacy policy Troubled Thames Water is among …

Southern Water gets rating downgrade amid ‘challenging funding conditions’
4 months, 1 week ago

Southern Water gets rating downgrade amid ‘challenging funding conditions’

The Independent  

For free real time breaking news alerts sent straight to your inbox sign up to our breaking news emails Sign up to our free breaking news emails Sign up to our free breaking news emails SIGN UP I would like to be emailed about offers, events and updates from The Independent. Read our privacy policy Southern Water has suffered another …

Thames Water: Fears of more bill hikes as £38bn bill revealed
4 months, 1 week ago

Thames Water: Fears of more bill hikes as £38bn bill revealed

The Independent  

Get the free Morning Headlines email for news from our reporters across the world Sign up to our free Morning Headlines email Sign up to our free Morning Headlines email SIGN UP I would like to be emailed about offers, events and updates from The Independent. A spokesperson for Thames Water said: “We take a rigorous approach to financial discipline …

Thames Water rescue deal reaches ‘important milestone’ in creditor backing
4 months, 2 weeks ago

Thames Water rescue deal reaches ‘important milestone’ in creditor backing

The Independent  

For free real time breaking news alerts sent straight to your inbox sign up to our breaking news emails Sign up to our free breaking news emails Sign up to our free breaking news emails SIGN UP I would like to be emailed about offers, events and updates from The Independent. Read our privacy policy Thames Water has won support …

One of Britain’s worst-performing water suppliers turns to vulture funds for rescue deal
4 months, 3 weeks ago

One of Britain’s worst-performing water suppliers turns to vulture funds for rescue deal

The Telegraph  

One of Britain’s worst-performing water companies has turned to vulture funds for crunch funding as mainstream lenders turn their backs on the beleaguered sector. Southern Water, which supplies more than 2m homes, is understood to have secured a deal with a group of hedge funds after struggling to raise fresh funding from the conventional capital markets. Last week, S&P lowered …

Polluting water companies to face lighter punishments despite public outrage
5 months ago

Polluting water companies to face lighter punishments despite public outrage

The Telegraph  

Failing water companies face lighter punishments under a climbdown being prepared by the industry regulator, risking an increase in leakages, water supply interruptions, and pollution. Investors in Britain’s water sector have rounded on the watchdog, claiming its hardline stance risks deterring further foreign investment in the industry at a time when it is crying out for billions of pounds of …

Thames Water: Why does the struggling water firm need emergency funding?
5 months ago

Thames Water: Why does the struggling water firm need emergency funding?

The Independent  

For free real time breaking news alerts sent straight to your inbox sign up to our breaking news emails Sign up to our free breaking news emails Sign up to our free breaking news emails SIGN UP I would like to be emailed about offers, events and updates from The Independent. Read our privacy policy Thames Water has said it …

Water companies push for higher bills again as customers face up to 84% hike
5 months ago

Water companies push for higher bills again as customers face up to 84% hike

The Independent  

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Household water complaints spike amid environment and meter concerns
5 months, 3 weeks ago

Household water complaints spike amid environment and meter concerns

The Independent  

For free real time breaking news alerts sent straight to your inbox sign up to our breaking news emails Sign up to our free breaking news emails Sign up to our free breaking news emails SIGN UP I would like to be emailed about offers, events and updates from The Independent. Concerns about firms’ environmental performance and water meters had …

Starmer plots to raise bills to fund Thames Water bailout
6 months, 1 week ago

Starmer plots to raise bills to fund Thames Water bailout

The Telegraph  

Sir Keir Starmer is planning to allow water bills across the country to be raised to pay for a Government bailout of Thames Water. New legislation will let the Government charge all water companies the full £10 billion cost if ministers decide to take over the struggling company. Thames Water has more than £15 billion of debt, and said in …

Thames Water debt emergency seized on by US hedge funds
6 months, 3 weeks ago

Thames Water debt emergency seized on by US hedge funds

The Telegraph  

A combative Wall Street hedge fund is positioned to play a central role in the future of Thames Water after scooping up the company’s loans at knockdown prices. New York-based Elliott Management is among a pack of aggressive US players to have hoovered up Thames Water debt at steep discounts in an attempt to capitalise on the financial uncertainty engulfing …

Thames Water creditors seek peace deal to avoid threat of nationalisation
6 months, 3 weeks ago

Thames Water creditors seek peace deal to avoid threat of nationalisation

The Telegraph  

Creditors to Thames Water are attempting to broker a peace deal between the beleaguered supplier and regulator Ofwat amid fears that a breakdown in relations between the two sides risks speeding up the company’s demise. Sources involved in attempts to stop Thames Water being nationalised are warning privately that it may prove impossible to draw up a rescue deal unless …

Thames Water proposes huge new bills hike
7 months ago

Thames Water proposes huge new bills hike

The Independent  

Get the free Morning Headlines email for news from our reporters across the world Sign up to our free Morning Headlines email Please enter a valid email address Please enter a valid email address SIGN UP I would like to be emailed about offers, events and updates from The Independent. In its response to Ofwat’s draft determination on water companies’ …

Water suppliers brace for £2bn in sewage fines
7 months, 1 week ago

Water suppliers brace for £2bn in sewage fines

The Telegraph  

Britain’s troubled water sector is facing the threat of £2bn in penalties over the next five years, as regulator Ofwat attempts to crack down on sewage failings. A report by the ratings agency Moody’s has predicted that tougher rules on pollution will spark a flood of regulatory fines, burdening many businesses already struggling to stay afloat. In Moody’s latest assessment …

Ofwat planning independent monitor for Thames Water after ratings downgrades
7 months, 3 weeks ago

Ofwat planning independent monitor for Thames Water after ratings downgrades

The Independent  

For free real time breaking news alerts sent straight to your inbox sign up to our breaking news emails Sign up to our free breaking news emails Sign up to our free breaking news emails SIGN UP I would like to be emailed about offers, events and updates from The Independent. Read our privacy policy Ofwat said on Wednesday that …

British water firms fined for sewage pollution
7 months, 3 weeks ago

British water firms fined for sewage pollution

China Daily  

A van for the water treatment company Thames Water, is driven along a residential street in Guildford, southern England, Aug 6, 2024. Three major water utility companies in the United Kingdom face 168 million pounds in fines for numerous illegal sewage releases into rivers and coastal waters. Ofwat stated that the water companies "failed to ensure that discharges of untreated …

Sewage spills are STILL rising in the UK with companies failing to get crisis under control, Environment Agency warns in damning report
8 months ago

Sewage spills are STILL rising in the UK with companies failing to get crisis under control, Environment Agency warns in damning report

Daily Mail  

Sewage spills are still rising in the UK with water companies failing to get the crisis under control, the Environment Agency has warned in a damning report The agency said there were 47 serious pollution incidents last year – up from 44 in 2022. Shocking photos from August 2022 showed how Lake Windermere in the Lake District turned bright green …

New regulations as Labour tries to answer public anger over water companies
8 months, 1 week ago

New regulations as Labour tries to answer public anger over water companies

The Independent  

For free real time breaking news alerts sent straight to your inbox sign up to our breaking news emails Sign up to our free breaking news emails Sign up to our free breaking news emails SIGN UP I would like to be emailed about offers, events and updates from The Independent. Read our privacy policy The Government is bringing in …

Thames Water Creditor Abrdn Sees Bond Losses of Up to 20%
8 months, 1 week ago

Thames Water Creditor Abrdn Sees Bond Losses of Up to 20%

Live Mint  

-- One of Thames Water Ltd.’s key bondholders says a turnaround of the company envisioned by the government regulator has raised the likelihood of significant losses on its top-ranked securities. Luke Hickmore, investment director at Abrdn Investment Management Ltd., said it will be harder for the UK’s biggest water and sewage company to attract a new buyer without imposing losses …

Troubled Thames Water braces for enormous fines in latest Ofwat crackdown
8 months, 2 weeks ago

Troubled Thames Water braces for enormous fines in latest Ofwat crackdown

The Telegraph  

Thames Water is bracing for an avalanche of fresh fines running into the hundreds of millions of pounds as it battles to stave off emergency nationalisation. The Telegraph understands Thames is facing steep penalties from Ofwat, the industry regulator, for a catalogue of mistakes and scandals including unsanctioned dividend payments, sewage dumping, and missing basic performance targets. Ofwat is also …

Household water bills to rise by £19 a year under draft proposals
8 months, 2 weeks ago

Household water bills to rise by £19 a year under draft proposals

The Independent  

For free real time breaking news alerts sent straight to your inbox sign up to our breaking news emails Sign up to our free breaking news emails Sign up to our free breaking news emails SIGN UP I would like to be emailed about offers, events and updates from The Independent. Ofwat chief executive David Black said: “Customers want to …

Thames Water confirms £158m dividends despite debt and sewage leaks anger
8 months, 2 weeks ago

Thames Water confirms £158m dividends despite debt and sewage leaks anger

The Independent  

Get the free Morning Headlines email for news from our reporters across the world Sign up to our free Morning Headlines email Sign up to our free Morning Headlines email SIGN UP I would like to be emailed about offers, events and updates from The Independent. Read our privacy policy Thames Water has confirmed it paid two fresh dividends worth …

Thames Water could dump more sewage in rivers under ‘recovery regime’
10 months ago

Thames Water could dump more sewage in rivers under ‘recovery regime’

The Telegraph  

Thames Water and other struggling utility companies will be allowed to release more sewage into Britain’s rivers under controversial plans being drawn up by regulators. Ofwat, the industry watchdog, is reportedly considering a new “recovery regime” for troubled water suppliers, similar to the special measures system imposed on failing schools. It comes ahead of the summer period, when water companies …

Decision on price of water bills for next five years delayed
10 months ago

Decision on price of water bills for next five years delayed

The Independent  

For free real time breaking news alerts sent straight to your inbox sign up to our breaking news emails Sign up to our free breaking news emails Sign up to our free breaking news emails SIGN UP I would like to be emailed about offers, events and updates from The Independent. Read our privacy policy A hotly anticipated review of …

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