Moody's downgrades Bristol Water

Moody's Investors Service said it downgraded to Baa2 from Baa1 the backed senior secured debt rating of Bristol Water plc. The outlook is negative.

This rating action follows Bristol Water's announcement, on Feb. 13, it will not accept the final determination by the Water Services Regulation Authority, or Ofwat, for the five-year regulatory period starting in April. Consequently, Ofwat will refer the determination to the Competition and Markets Authority, which will set its re-determination within the next six months, extendable to up to 12 months.

This concludes the rating review started on Dec. 20, following the publication of the final determination by Ofwat.

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