Thames Water’s troubles mount after second debt downgrade — Prospect of government bailout grows after S&P Global cuts credit rating to ‘junk’ status
https://www.telegraph.co.uk/business/2024/07/31/thames-water-troubles-mount-after-second-debt-downgrade/
Posted by marketrent
8 Comments
Let it fail , let investors loose money , take control and make it state owned with zero cost to the tax payer . We should not be rewarding failure .
Nationalise the fuckers – the privatisation of utilities experiment has clearly failed.
Arrest the board before the business goes into administration! We need justice before we tax payers bail out the mess!
• [Thames Water](https://www.telegraph.co.uk/business/2024/07/31/thames-water-troubles-mount-after-second-debt-downgrade/):
*S&P Global slashed the rating on Thames’s top-rated bonds to “BB” on Wednesday as it warned the cash crisis engulfing the utility giant was likely to run until the end of the year.*
*The move follows a decision by Moody’s to classify Thames’ debts as junk last week.*
*Pushing Thames’s debt into junk territory means the water company is in breach of its operating licence with regulator Ofwat, which requires companies to maintain an investment-grade debt rating.*
*Thames, Britain’s largest water company with 16m customers, last month said it only had enough cash to keep going until May 2025 and was scrambling for new investment.*
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• [Southern Water](https://www.bloomberg.com/news/articles/2024-07-30/uk-s-southern-water-risks-downgrade-to-junk-by-moody-s):
*Moody’s Ratings is considering a downgrade to junk for the senior debt of UK utility Southern Water, the latest sign that troubles at Thames Water could spill over into other parts of the country’s water sector.*
*The ratings firm has placed the credit score of the Macquarie Asset Management-controlled company — currently one step above speculative grade — on review for a downgrade, according to a report on Tuesday.*
*Moody’s expects UK water regulator Ofwat to enforce penalties and the need for greater investment than outlined in its business plan.*
*The move by Moody’s follows its downgrade of [Macquarie-controlled] utility Thames Water to junk last week. The downgrade means that Thames Water has breached the terms of its license, leading the company to ask regulators to help it avoid massive fines.*
Companies that own vital infrastructure shouldn’t have the same liability protection as other companies, ruining our country for a profit and then some is fucked up.
And we’re still giving the slags complete control of our gas networks. Couldn’t make it up. Country is a joke.
Nationalise it under some kind of emergency measure and force debt forgiveness on all the BS loans.
Let them bleed out and hostile take over baby, kick them while down. Little sh**s