United Utilities PLC bonds – S&P announcement

On 4 October 2017, Standard & Poor’s Global Ratings (S&P) announced that following the adoption of revised criteria for assessing subordination risk in holding company bonds, S&P has lowered by one notch the issue ratings on debt issued by United Utilities PLC (UU PLC) to ‘BBB’ from ‘BBB+’. UU PLC’s USD ‘Yankee’ bonds are impacted. The corporate credit rating of UU PLC remains unchanged at BBB+. S&P’s ratings of United Utilities’ regulated operating company, United Utilities Water Limited, and debt issued by its guaranteed financing subsidiary, United Utilities Water Finance PLC, are unchanged at A-.

United Utilities is the UK’s largest listed water company operating in the North West of England and serving a population of around 7 million people and 200,000 businesses.

For subscribers to S&P’s ratings services, the full story can be accessed here

Please do not hesitate to contact Brendan Murphy, Treasurer (+44 (0) 1925 237 137; email at brendan.murphy@uuplc.co.uk) if you have any questions.