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  • by Karma Loveday

Affinity gains Ofwat consent for Cayman subsidiary clear out

Ofwat has consented to Affinity Water’s plans for the removal of its Cayman subsidiary.

In a November letter from senior director of finance and governance, Aileen Armstrong to company secretary Tim Monod, published by Ofwat last week, the regulator gave specific consent for the changes proposed by Affinity to its capital and ownership structure.

These see company subsidiary Affinity Water Programme Finance Limited, a Cayman Island incorporated bond issuer within the company’s securitised structure which dates back to a 2013 refinancing, replaced by Affinity Water Finance PLC, a new UK incorporated company, as the substitute programme issuer for the bonds.

Ofwat’s consent is required under certain provisions of Condition F of Affinity’s Appointment.

In separate news last week, Affinity Water publicised a haul of awards over the past three months in the customer space:

Gold award for Best use of insight and feedback, and Bronze award for Best Engaging the Customer Online at the Customer Experience Awards 2018.

Gold award for Best Customer Insight at the European Contact Centre and Customer Service Awards.

Best Online Customer Experience at the Engage Awards 2018.

Post-It Award for giving customers choice 2018.

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