UK water bonds take the wrap again
- From: Vol 9, Issue 11 (November 2008)
- Category: General
- Region: Europe
- Country: United Kingdom
- Related Companies: Ambac, Fitch, Southern Water, Thames Water and Yorkshire Water
Fitch Ratings’ latest move means that more than £1.5 billion of UK water bonds are hanging on to their triple-A ratings by a thread. A downgrade has already been priced in.
More than £1.5 billion of longdated UK water company bonds face possible downgrades as rating agency concerns grow over the creditworthiness of monoline insurer FSA.
Bonds in the sector insured by Ambac and MBIA lost their triple-A rating earlier this year, when the three main agencies lowered their ratings on the two larger monolines due to their US sub-prime ...
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