Southern Water’s debt downgraded to junk status by Moody’s
by Jasper Jolly from on (#6S763)
Company close to technical default on some of its debt, underlining UK industry's precarious state
Southern Water's debt has been downgraded to junk status by the credit rating agency Moody's in a decision that underlines the precarious state of the UK water industry.
Moody's said Southern's history of material operational and financial under-performance" could imperil its plan, announced last month, to borrow 4bn from investors.
Continue reading...