SES Water allowed to stick with a single credit rating temporarily

Ofwat has agreed to a request from SES Water for consent for a time-limited derogation from Ofwat’s regulatory ring-fencing framework in respect of the requirement to maintain investment grade issuer credit ratings with at least two credit rating agencies. The request was raised in light of SES’ ongoing strategic review and prospective sale.

Ofwat agreed to the temporary derogation, telling SES to secure a second rating as soon as practicable and by 31 March 2024 at the latest.