Moody’s Downgrades Debt-Ridden Thames Water to ‘Junk’ Credit Rating

Published on July 25, 2024

Ratings agency Moody’s has downgraded the credit rating of the cash-stripped Thames Water, making it harder and more expensive for the UK’s biggest water company to borrow money. Thames Water is facing a debt pile of £15.2 billion in the year to March, after its parent company pulled £500 million in interest payments, due at the end of April. As a result, Thames Water had defaulted on some of its debts, heightening concerns of its survival. Adding to its financial pressures is the downgrade, announced by Moody’s on Thursday. The agency dropped Thames Water’s credit rating from Baa3–under which the company’s obligations are subject to moderate credit risk–to Ba2, also known as a ‘junk’ rating....

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