Thames Water's liquidity crisis leads to credit downgrades, risking insolvency and potential special administration without a rescue plan.
Thames Water, the UK's largest water company, faces two credit rating downgrades amid a liquidity crisis, with ratings now in the risky triple-C category. Moody's warns that its inability to raise bills could hinder new investments. The company, burdened with £16 billion in debt, needs creditor approval for £800 million to avoid insolvency by year-end. If a rescue plan fails, Thames Water may enter special administration, risking operations and creditor interests.
September 26, 2024
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