Southern Water hit with ‘junk' credit rating after borrowing from vulture fund [Yahoo! Finance]
Moody's Corporation (MCO)
Last moody's corporation earnings: 4/30 07:00 am
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Source: Yahoo! Finance
The move is likely to make it harder for Southern, which provides water to nearly 5m people in the South East of England, to raise billions of pounds in vital funding required to pay for the upkeep of its pipes and drains, and meet strict environmental standards over the coming years. It also increases the likelihood of it breaching the terms of its licence, and leaves the debt-laden water supplier teetering on the brink of defaulting on its borrowings, Moody's said. It comes less than a fortnight after the company was forced to turn to a pack of vulture funds for hundreds of millions of pounds in financing after being given the cold shoulder by mainstream capital markets. The new debt comes with an average interest rate approaching 10pc – nearly three times higher than the water services regulation authority Ofwat's assumed cost of borrowing for the water industry. Though Southern's predicament is yet to match that of Thames Water , it is among the most financially-stretched
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MCO
Earnings
- 10/22/24 - Beat
MCO
Sec Filings
- 11/18/24 - Form 4
- 11/15/24 - Form 144
- 11/12/24 - Form 4
- MCO's page on the SEC website