On March 12, 2003, Standard & Poor's Ratings Services revised its outlook on U.K.-based utility Wessex Water Services Ltd. (Wessex) and its holding company Wessex Water Ltd. (WWL) to stable from developing. At the same time, Standard & Poor's affirmed its long-term 'BBB+' ratings on the two companies and on the financing arm, Wessex Water Services Finance PLC (collectively the group is Wessex Water). The outlook revision follows the satisfactory conclusion of negotiations between Wessex Water and the European Investment Bank (EIB; AAA/Stable/A-1+) about ratings triggers in its £175 million loan. The group can now complete its refinancing, whereby all debt at the acquisition vehicle, YTL Utilities U.K. Ltd. (YTL U.K.), will be repaid. Wessex will now be the group's...
Companies mentioned in this report are:
- Wessex Water Services Ltd.
- European Investment Bank
- Enron Corp.
- Wessex Water Ltd.
- Wessex Water Services Finance PLC
- YTL Power International Bhd.
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