Credit Ratings

The regulatory ring-fence conditions in companies’ licences provide an important protection for companies and their customers. Their purpose is to ensure that a regulated company maintains sufficient financial and management resources to enable it to carry out its functions in a sustainable manner. An important part of the regulatory ring-fencing licence conditions is the requirement for companies to maintain an Issuer Credit Rating which is an Investment Grade Rating. We have written to each of the companies that have this licence condition to confirm which credit ratings we are monitoring for licence compliance purposes. You can view the letters below.

Company  Credit rating letters 
Anglian Water Services Limited Letter to company secretaries definition of Issuer Credit Ratings – Anglian Water

Anglian Water – Updated letter on Issuer Credit Ratings – 25 March 2022

Dwr Cymru Cyfyngedig Letter to company secretaries definition of Issuer Credit Ratings – Dŵr Cymru
Hafren Dyfrdwy Cyfyngedig Letter to company secretaries definition of Issuer Credit Ratings – Hafren Dyfrdwy Cyfyngedig
Northumbrian Water Limited Letter to company secretaries definition of Issuer Credit Ratings – Northumbrian Water
Severn Trent Water Limited Letter to company secretaries definition of Issuer Credit Ratings SVE 
Southern Water Services Limited Letter to company secretaries definition of Issuer Credit Ratings – Southern Water
South West Water Limited No credit rating held

(South West Water currently has a dispensation from the licence requirement to maintain an investment grade credit rating. Its licence requires the company to annually certify that it would be able to maintain an investment grade credit rating.)

Thames Water Utilities Limited Letter to company secretaries definition of Issuer Credit Ratings – Thames Water
United Utilities Water Limited Letter to company secretaries definition of Issuer Credit Ratings – United Utilities
Wessex Water Services Limited Letter pending
Yorkshire Water Services Limited Letter to company secretaries definition of Issuer Credit Ratings – Yorkshire Water

Letter to company secretaries definition of Issuer Credit Ratings – Yorkshire Water – Updated May 2022

Affinity Water Limited Letter to company secretaries definition of Issuer Credit Ratings – Affinity Water
Bristol Water plc Letter to company secretaries definition of Issuer Credit Ratings – Bristol Water
Portsmouth Water Limited Letter to company secretaries definition of Issuer Credit Ratings – Portsmouth Water
South East Water Limited Letter to company secretaries definition of Issuer Credit Ratings – South East Water
South Staffordshire Water plc Letter to company secretaries definition of Issuer Credit Ratings – South Staffs
Sutton and East Surrey Water Plc Letter to company secretaries definition of Issuer Credit Ratings – SES