The financial crisis at Thames Water has deepened after two major credit agencies downgraded its debt rating again, making it even harder for the stricken utility to raise the funds it needs to survive as an independent company.
Both S&P and Moody’s cut the rating on £16 billion of debt by five notches after it warned last week that it will run out of money by the end of the year without the approval of its creditors to access £550 million of last ditch liquidity reserves.
