Moody's downgraded Thames Water to Caa1, reflecting a significantly tighter liquidity position than previously expected, indicating a higher risk of default.
S&P rated Thames Water's debt a CCC+, noting that the company is likely to default in the next 12 months without any positive developments.
A Thames Water spokesperson stated that the company is operating under regulatory undertakings and is engaging with creditors to extend its liquidity options.
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