S&P affirms Severn Trent, Dee Valley

S&P said it affirmed the BBB-/A-3 long- and short-term corporate credit ratings on Severn Trent plc, the BBB+/A-2 long- and short-term corporate credit ratings on Severn Trent Water Ltd. and the BBB+ long-term rating on newly acquired subsidiary Dee Valley Water.

The outlook is stable on all entities.

The agency said the affirmation follows Severn Trent's good operating and financial results for the year ending March 2017 and factors in the announced new dividend policy that foresees increasing dividend payments by the retail price index plus 4% (from increasing dividend payments solely by retail price index).

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