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Thames Water Kemble's debt rating downgraded to 'C' by Fitch
(Sharecast News) - The parent company of struggling utility Thames Water has had its debt downgraded to 'C' from 'CC by ratings agency Fitch after it failed to make a £190m loan repayment last week.
The downgrade applies to Kemble's long-term issuer default and senior secured debt ratings.
Fitch said the move reflects Kemble's "missed payments of interest due last week and the consequent formal notice of default sent to its debtholders" and warned that "expiry of a grace period or the completion of a restructuring would trigger a downgrade of Kemble to 'Restricted Default'".
Kemble last Friday asked lenders and bondholders take no creditor action. Media reports last week stated Dutch bank ING and two Chinese state-owned lenders could play a crucial role in bailing out the debt-laden water provider.
The group of lenders to Kemble Water Finance include ING, Allied Irish Banks and the Chinese state-owned Bank of China and Industrial and Commercial Bank of China, the Financial Times and Sky News reported.
Reporting by Frank Prenesti for Sharecast.com
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