Summary: Northumbrian Water Ltd. Apr 12
Standard & Poors, April 2012
Abstract
The rating on U.K.-based regulated water and sewerage company, Northumbrian Water Ltd. (NWL), reflects our view of its "excellent" business risk profile and "aggressive" financial risk profile. NWL's business risk is supported by our opinion of the transparent and established regulatory regime in the U.K. water sector that results in steady and predictable cash flows within each regulatory period. This is offset by NWL's below-average operating performance compared to its peers, and some uncertainty linked to periodic regulatory reviews. We view the financial risk profile of the consolidated group up to and including the acquisition vehicle UK Water (2011) Ltd. as "aggressive" on account of its relatively low cash flow-to-debt ratios. A further negative factor is the high proportion of...
Companies mentioned in this report are:
- Northumbrian Water Ltd.
- United Utilities PLC
- Wessex Water Services Ltd.
- Severn Trent PLC
Action: Review
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.
This product consists of a Summary Analysis: Bi-annual (at least). An abbreviated analysis containing Standard & Poor's issuer credit ratings as of the time the article was published. The analysis includes a rating rationale - the basis on which the rating was assigned - and an outlook section if the issuer is not on CreditWatch. Financial statistics are not included.
- Northumbrian Water Ltd.
- United Utilities PLC
- Wessex Water Services Ltd.
- Severn Trent PLC
Customers who bought this item also bought
All rights reserved. © Copyright 2013 Research and Markets WWW5
Terms and Conditions Privacy Policy Publishers Employment Opportunities Site Map Link to us Webmaster Affiliate Network
