Moody’s reviews Portsmouth Water for cut

Moody’s Investors Service said it placed on review for downgrade the Baa1 corporate family rating of Portsmouth Water Ltd.

The rating action follows publication by the Water Services Regulation Authority (Ofwat), the economic regulator for water companies in England and Wales, of its final determination for the forthcoming regulatory period. The determination includes a significant cut in allowed returns which, in conjunction with challenging performance targets, will weigh on Portsmouth Water’s credit quality.

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