FT2010年5月英国水务行业研究报告.pdf

Corporates  Water and Wastewater  Ofwat’s Final Determination United Kingdom  Special Report  Broadly Ratings Neutral Fitch Ratings has assessed the final pricing determination of tariffs for 2010‐2015 by Analysts  the economic regulator for the UK water sector, Ofwat, to be broadly neutral on Oliver Schuh ratings in the sector. Issuers generally continue to meet credit metrics that are +44 20 7682 7278 consistent with existing rating levels, whereas companies with higher‐geared, oliver.schuh@ covenanted and secured financings maintain only limited financial headroom and, Erwin Van Lumich therefore, need to sustain adequate operational performance. +34 93 323 8403 erwin.vanlumich@  The final determination, published in November 2009, defines the medium‐term fortunes of water and sewerage companies (WASCs) as well as water‐only Related Research companies (WOCs). Apart from Bristol Water, a small WOC, all regulated entities Fitch: Ofwats Pricing Determination ‐ More had accepted the settlement by the end of January 2010, even though there had Sticks than Carrots (August 2009) been lots of talk about potential appeals. Fitch’s analysis identified some trends. Corporate financings with leverage (defined as net debt/regulatory asset value (RAV)) more closely aligned to Ofwat’s template