Credit FAQ: Why Ofwat's Revised License Proposals Could Pressure Our Ratings On U.K. Water Companies Dec 12
- Language: English
- Published: December 2012
- Region: Great Britain, United Kingdom
Standard & Poor's Ratings Services believes the draft determination by the Office of Water Services (Ofwat) on July 23, 2009, proposes a relatively challenging set of allowances and targets for water utilities in England and Wales over the next price control period, which starts in April 2010. We believe that for the majority of issuers, the regulator's final determination in November 2009 is likely to be ratings neutral if it is similar to the draft determination in terms of targets and assumptions. Nevertheless, we believe that ratings headroom (tolerance within a rating category for an issuer's changed circumstances) for the majority of issuers will shrink. Moreover, for a minority of issuers, we believe that headroom at the current rating level...
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