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S&P revises Anglian view to stable
S&P said it revised Anglian Water Services Ltd.’s outlook to stable from negative, citing its new financing structure. Concurrently, the agency affirmed the A- rating on the class A debt and our BBB rating on the class B debt.
“The new three-tiered financing structure AWS announced on June 17 will lead to a significant reduction in leverage for AWS. It will entail issuing about £1 billion of new debt at AWS' holding companies, both the existing Osprey Acquisition Ltd. (OAL), and the new holding company Aigrette Financing Ltd. (AFL). The £1 billion net proceeds are to be contributed as equity capital to AWS over the coming month, leading to a significant reduction in leverage at AWS' level,” S&P said in a press release.
The outlook indicates a forecast for AWS to retain some headroom in its credit metrics at the current rating levels on the class A and class B debt over the rest of the current regulatory period, the agency said.
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