Southern Water has welcomed a more positive outlook from credit ratings agencies, saying that the improved credit outlooks for the water company from Moody’s Ratings and S&P Global Ratings have recognised the progress being made across the business.
On 18 August, Moody’s Ratings announced that it had changed its outlook to Positive, while just a few days later, S&P Global Ratings announced it had revised its outlook from Negative to Stable.
The news follows Fitch Ratings’ decision last month to upgrade Southern Water’s credit rating from BBB- to BBB, with a stable outlook, meaning all three major rating agencies have recently recognised the improvements being made across the business.
The water company said the announcements this week provide further independent recognition of the progress being made both financially and operationally, to strengthen the business and improve services for customers.
Stuart Ledger, Chief Financial Officer of Southern Water, said:
“We welcome the more positive outlook provided by Moody’s and S&P alongside Fitch’s decision to upgrade our senior secured debt rating. Taken together, these actions provide important independent recognition of Southern Water’s improving operational performance and of the significant long-term support provided by our shareholders.
“The £1.2 billion of new equity committed by our shareholders is being invested directly into Southern Water, strengthening our financial resilience and providing important support for the delivery of our ambitious investment programme.
“We are also encouraged that the rating agencies have recognised the progress being made through our operational turnaround. We remain focused on translating that investment and progress into better services for our customers, greater resilience and improved outcomes for the environment.”
Moody’s and S&P both highlighted the progress Southern Water is making to improve services for customers and strengthen the business.
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