Moody's: Yorkshire Water notes to Baa2

Moody's Investors Service said it downgraded to Baa2 from Baa1 the senior secured rating of the class A notes issued by Yorkshire Water Services Finance Ltd. and Yorkshire Water Finance plc. Concurrently, Moody's confirmed the Baa2 corporate family rating of Yorkshire Water Services Ltd. and other ratings of Yorkshire Water Services Finance and Yorkshire Water Finance plc. The outlook is negative.

The rating actions follow Yorkshire Water's announcement it will not accept the revenue limits set by the Water Services Regulation Authority, Ofwat, for the five-year regulatory period starting in April.

Ofwat will now refer its determination to the Competition and Markets Authority, which will form its conclusion on the price controls. The redetermination is likely to take at least six months and may be extended by a further six months. This concludes the rating review started on Dec. 20.

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