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Bulletin: Rating On U.K. Utility Northumbrian Water Not Immediately Affected By Takeover Offer Aug 11
Standard & Poors, Aug 2011
Abstract
London (Standard & Poor's) Aug. 5, 2011--Standard & Poor's Ratings Services said today that the rating and outlook on U.K.-based regulated water and wastewater utility Northumbrian Water Ltd. (NWL; BBB+/Stable/--) are not immediately affected by the cash offer for NWL's parent, Northumbrian Water Group (NWG; not rated), made by a consortium led by Cheung Kong Infrastructure Holdings Ltd. (CKI; A-/Stable/--). The offer was recommended by NWG's board of directors and is supported by Ontario Teachers' Pension Plan (not rated), which holds an approximate 26.8% stake in NWG. The offer is dependent on the shareholders' acceptance, requiring a 75% approval (that is, 75% of the voting shares). We note that NWG has little headroom to sustainably cover a deterioration in its...
Companies mentioned in this report are: Northumbrian Water Ltd.,Cheung Kong Infrastructure Holdings Ltd.
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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