Ten major English and Welsh water and wastewater companies
| Owner | Regulatory capital value (March 2024) | Bill increase allowed by Ofwat for 2025-30 (%) | Appealing to CMA | Forecast annual capex in 2025-30 | Moody's rating | Moody's latest action | S&P rating | S&P latest action | Fitch rating | Fitch latest action | Equity raising plans | Liquidity needs | ||
| Severn Trent | Listed with £7.4bn market cap | £12bn | 47 | No | £1.3bn | Opco | Baa1 (stable) | Affirmed , 11/2/25 | BBB+ (stable) | Affirmed, 18/2/25 | Sen unsecd: A- (stable) Issuer: BBB+ (stable) | Affirmed, 7/3/2024 | Raised £1bn in October 2023 for new business plan, no plans to raise more | |
| Holdco | Baa2 (stable) | Affirmed , 11/2/25 | BBB (stable) | Affirmed, 18/2/25 | BBB (stable) | Affirmed, 7/3/2024 | ||||||||
| Yorkshire Water | GIC, Corsair Capital, DWS, SAS Trustee | £9.1bn | 41 | No | Class A | Baa2 (stable) | Affirmed, 4/2/25 | BBB+ (stable) | Cut one notch, 18/2/25 | BBB+ (stable) | Cut one notch, 6/2/25 | Shareholders agreed in October 2022 to repay £941m intercompany loan to opco. £500m has been paid, rest to be paid by March 2027 | ||
| Class B | Ba1 (stable) | Affirmed, 4/2/25 | BBB- (stable) | Cut one notch, 18/2/25 | BBB- (stable) | Affirmed, 6/2/25 | ||||||||
| South West Water | Pennon, listed with £1.3bn market cap | £4.8bn | 23 | No | Sen unsecd | Baa1 (negative) | Affirmed, 13/11/24 | A- (stable) | Published, 22/7/24 | Pennon completed £490m rights issue on February 18 | ||||
| United Utilities | Listed with £6.7bn market cap | £14bn | 32 | No | Opco | Baa1 (stable) | Cut one notch, 29/1/25 | BBB+ (stable) | Outlooks raised, 18/2/25 | Sen unsecd: A- (stable) Issuer: BBB+ (stable) | Affirmed, 12/2/25 | Has said it will not raise equity | ||
| Holdco | Baa2 (stable) | Cut one notch, 29/1/25 | BBB (stable) | Outlooks raised, 18/2/25 | Sen unsecd: BBB+ (stable) Issuer: BBB (stable) | Cut one notch, 12/2/25 | ||||||||
| Welsh Water/Dwr Cymru | Glas Cymru, not-for-profit company | £7.5bn | 42 | No | Class A | Baa1 (stable) | Cut one notch, 18/2/25 | A- (stable) | Cut one notch, 17/2/25 | |||||
| Class B | Baa1 (stable) | Cut one notch, 18/2/25 | BBB+ (negative) | Cut one notch, 18/2/25 | A- (stable) | Cut one notch, 17/2/25 | ||||||||
| Class C | Baa3 (stable) | Cut one notch, 18/2/25 | BBB- (negative) | Cut one notch, 18/2/25 | BBB (stable) | Cut one notch, 17/2/25 | ||||||||
| Anglian Water | CPPIB, IFM, Adia, Igneo, pension funds | £11bn | 29 | Yes | £1.6bn | Class A | Baa1 (negative) | Cut one notch, 17/2/25 | BBB (stable) | Cut two notches, 18/2/25 | A- (stable) | Affirmed, 14/2/25 | ||
| Wessex Water | YTL Corp of Malaysia | £4.3bn | 21 | Yes | Baa1 (negative) | Outlook lowered, 13/11/24 | BBB- (stable) | Affirmed, 19/11/24 | ||||||
| Northumbrian Water | CK Hutchison Holdings (75%), KKR (25%) | £5.4bn | 21 | Yes | Baa1 (negative) | Outlook lowered, 13/11/24 | BBB+ (stable) | Affirmed, 27/6/24 | Shareholders expected to inject £400m in year to March 2026 | |||||
| Southern Water | Funds led by Macquarie Asset Management | £6.8bn | 53 | Yes | £1.4bn | Ba1 (review for downgrade) | Cut one notch, 13/11/24 | BBB- (CW negative) | Cut one notch, 31/10/24 | BBB- (RW negative) | Cut one notch, 19/11/24 | Seeking £900m from shareholders | S&P will downgrade if it does not raise new liquidity by March to cover next 12 months' needs by 1.1x | |
| Thames Water | Shareholders walked away in March 2024 | £20bn | 35 | Yes | £1.6bn | Class A | Caa3 (stable) | Cut two notches, 23/1/25 | CC (negative) | Cut three notches, 28/10/24 | Takeover bids submitted February 10, including from KKR, Castle Water, Covalis Capital | High Court sanctioned on February 18 Class A creditors' plan to offer £3bn super-senior funding. Class B creditors appealing | ||
| Class B | C (stable) | Affirmed, 23/1/25 | C (negative) | Cut two notches, 28/10/24 |
Sources: water company reports, rating reports, Ofwat