Fitch affirms Wales & West

Fitch Ratings said it affirmed Wales & West Utilities Ltd.'s long-term issuer default rating at BBB with a stable outlook.

The agency also affirmed Wales & West Utilities’ and Wales & West Utilities Finance plc's class A senior secured ratings at A- and class B senior secured ratings at BBB.

“The affirmation and stable outlook on the long-term issuer default rating reflect our expectation that WWU will reduce leverage to below 70% for senior net debt-to-regulatory asset value (RAV) by 2021,” Fitch said in a news release.

“We also expect the company to continue to demonstrate solid operational and regulatory performance during RIIO-GD1 (from April 2013 to March 2021), and to outperform total expenditure (totex) and incentives targets according to plan.”

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