Anglian Water stops using S&P to rate its bonds

(by Verity Mitchell)

Anglian Water Services Financing has confirmed that it will discontinue the engagement of S&P as one of its external credit rating agencies providing ratings coverage. This is subject to the successful redemption in full of £200m of guaranteed bonds due in 2029, which included a requirement to maintain rating coverage from S&P. 

The proposed discontinuance follows an internal review of the resource demands involved in supporting a third rating. The company will continue to maintain its ratings coverage from Fitch and Moody’s, which are A- (stable) and Baa1 (stable), respectively. Ceasing to receive S&P ratings is not expected to have any impact on the company’s financing arrangements, regulatory commitments or ongoing engagement with debt investors.