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Bulletin: South East Water (Finance) Ltd. Senior Secured Bond Ratings Unchanged On Sister Merger Plan Nov 07
Standard & Poors, Nov 2007
Abstract
LONDON (Standard & Poor's) Nov. 21, 2007--Standard & Poor's Ratings Services said today that the underlying 'BBB' debt rating on U.K.-based South East Water (Finance) Ltd.'s (SEWFL) -366 million (-541 million) guaranteed senior secured bonds remains unchanged by the expected merger of its business with that of its sister company Mid Kent Water Ltd. (MKW; unrated). The cash-less merger will be implemented in mid-December through a scheme of transfer of substantially all MKW's assets and liabilities, including two secured loans, to SEWFL's parent, U.K.-based regulated water-only utility South East Water Ltd. (SEW). The enlarged SEW will operate on a single license encompassing the former SEW and MKW monopoly areas. The rating on the bonds remains at 'AAA', based on the...
Companies mentioned in this report are: South East Water (Finance) Ltd.,Assured Guaranty (Europe) Ltd.,Ambac Assurance U.K. Ltd.,Artesian Finance PLC,Artesian Finance II PLC
Action: Bulletin
Standard and Poors RatingsXpress Credit Research provides in-depth coverage of international corporates, financial institutions, insurance companies, utilities, sovereigns and structured finance programs. RatingsXpress Credit Research lets users determine the credit rating of holdings and identify key factors underlying an issuer's creditworthiness, distinguishes the different risk exposures for new and existing deals, and provides an understanding of how their analysts interpret key regulatory, political and environmental events and their economic impact.
Research type: News
This product is a is a brief one-page announcement of no more than 500 words with a quote from the analyst. It is media and investor focused with no accompanying commentary article.
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