ST Plc and STW - Credit Rating Downgrade
Severn Trent Plc and Severn Trent Water Limited - Credit Rating Downgrade
Severn Trent notes the decision of Moody's Investor Services ("Moody's") to downgrade Severn Trent's long-term credit ratings by one notch. The ratings remain investment grade and are in line with the assumptions in the Severn Trent Water Limited ("Severn Trent Water") business plan for the regulatory period 2020-2025. Ofwat's Final Determination in relation to this period was accepted by Severn Trent Water on 28 January 2020.
Moody's have downgraded the issuer rating of Severn Trent Water to Baa1 from A3 as well as the senior unsecured debt ratings of Severn Trent Utilities Finance Plc, whose issuance is guaranteed by Severn Trent Water. Concurrently, the rating agency downgraded the issuer rating of Severn Trent Plc to Baa2 from Baa, as well as the senior unsecured debt ratings of Severn Trent Plc. The P-2 short-term ratings have been affirmed. All ratings have a stable outlook.
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Cautionary statement regarding forward-looking statements
This document contains statements that are, or may be deemed to be, 'forward-looking statements' with respect to Severn Trent's financial condition, results of operations and business and certain of Severn Trent's plans and objectives with respect to these items.
Forward-looking statements are sometimes, but not always, identified by their use of a date in the future or such words as 'anticipates', 'aims', 'due', 'could', 'may', 'will', 'would', 'should', 'expects', 'believes', 'intends', 'plans', 'projects', 'potential', 'reasonably possible', 'targets', 'goal', 'estimates' or words with a similar meaning, and, in each case, their negative or other variations or comparable terminology. Any forward-looking statements in this document are based on Severn Trent's current expectations and, by their very nature, forward-looking statements are inherently unpredictable, speculative and involve risk and uncertainty because they relate to events and depend on circumstances that may or may not occur in the future.
Forward-looking statements are not guarantees of future performance and no assurances can be given that the forward-looking statements in this document will be realised. There are a number of factors, many of which are beyond Severn Trent's control that could cause actual results, performance and developments to differ materially from those expressed or implied by these forward-looking statements. These factors include, but are not limited to: the Principal Risks disclosed in our latest Annual Report and Accounts (which have not been updated since the date of its publication); changes in the economies and markets in which the group operates; changes in the regulatory and competition frameworks in which the group operates; the impact of legal or other proceedings against or which affect the group; and changes in interest and exchange rates.
All written or verbal forward-looking statements, made in this document or made subsequently, which are attributable to Severn Trent or any other member of the group or persons acting on their behalf are expressly qualified in their entirety by the factors referred to above. No assurances can be given that the forward-looking statements in this document will be realised. This document speaks as at the date of publication. Save as required by applicable laws and regulations, Severn Trent does not intend to update any forward-looking statements and does not undertake any obligation to do so. Past performance of securities of Severn Trent Plc cannot be relied upon as a guide to the future performance of securities of Severn Trent Plc.
Nothing in this document should be regarded as a profits forecast.
This document is not an offer to sell, exchange or transfer any securities of Severn Trent Plc or any of its subsidiaries and is not soliciting an offer to purchase, exchange or transfer such securities in any jurisdiction. Securities may not be offered, sold or transferred in the United States absent registration or an applicable exemption from the registration requirements of the US Securities Act of 1933 (as amended).
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