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Research Update: U.K.-Based Water Utility Northumbrian Water 'BBB+' Rating Affirmed On Completion Of Acquisition By CKI; Outlook Stable Nov 11 Product Image

Research Update: U.K.-Based Water Utility Northumbrian Water 'BBB+' Rating Affirmed On Completion Of Acquisition By CKI; Outlook Stable Nov 11

  • ID: 1952055
  • November 2011
  • Region: United Kingdom, Great Britain
  • Standard & Poors

Abstract
A consortium led by Hong Kong-based Cheung Kong Infrastructure Holdings Ltd. has completed the acquisition of Northumbrian Water Group (NWG). We have visibility on the post-acquisition capital structure of the consolidated group, which includes the acquisition vehicle UK Water (2011) Ltd., and which forms the focus of our analysis of NWG's operating subsidiary Northumbrian Water Ltd. (NWL). We are therefore affirming our 'BBB+' long-term corporate credit rating on U.K.-based regulated water and wastewater utility NWL. The stable outlook reflects our view that NWL will continue to generate stable cash flows from its mostly regulated activities, with a good degree of predictability in the current regulatory period to March 31, 2015. On Nov. 15, 2011, Standard & Poor's Ratings Services affirmed...

Companies mentioned in this report are:
- Northumbrian Water Ltd.
- Cheung Kong Infrastructure Holdings Ltd.
- Northumbrian Water Finance PLC

Action: Affirmed
Action: Outlook: Stable

Standard and Poors RatingsXpress Credit Research provides in-depth coverage of international corporates, financial institutions, insurance companies, utilities, sovereigns READ MORE >

- Northumbrian Water Ltd.
- Cheung Kong Infrastructure Holdings Ltd.
- Northumbrian Water Finance PLC

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