THAMES TIDIES UP
- From: Vol 8, Issue 8 (August 2007)
- Category: Need to know
- Region: Europe
- Country:
- Related Companies: Developer Services, Engenica, Kemble Water Ltd, Moody’s, Standard & Poor’s, Terra Eco Systems, Thames Water and Veolia
* More details of Thames Water’s forthcoming whole business securitisation came to light in early August, as the ratings agencies assigned provisional opinions of A3 (Moody’s) and BBB+ (S&P) to the £1.2 billion of unwrapped Class A bonds to be issued later this year.
The WBS covers Thames’ regulated water and sewerage business in the UK, and is designed to simplify the group’s financing structure, whilst refinancing some of the acquisition debt taken out to fund Kemble Water’s acquisition of Thames last October. As well as the new bonds, which are likely to carry maturities between 2040 and 2065, the plan is ...
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