Water for the North West
Credit rating summary
Aim to at least retain UUW credit ratings to support efficient access to debt capital markets
Moody's
Fitch
S&P
UUW¹ rated A3
UU PLC rated Baal
A3 threshold: net debt to
RCV ratio <65%
A3 threshold: adjusted
interest cover >1.7x
UUW¹ rated² A-
UU PLC rated² A-
A-threshold: net debt to RCV
ratio <67%
A-threshold: PMICR³ >1.6x
UUW¹ rated BBB+
UU PLC rated BBB-
BBB+ threshold: adjusted
FFO to debt >9%
BBB+ threshold: net debt/EBITDA 9x
1 Any notes issued by UUW's financing subsidiary United Utilities Water Finance PLC (UUWF) are expected to be rated in line with UUW's credit rating
2 Rating for senior unsecured debt, issuer default rating is one notch lower
3 Post maintenance interest cover ratio
Investor presentation
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