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.