On Wednesday, 23 July 2024, Moody's Ratings downgraded Thames Water's CFR to Ba2.
Join our webinar as Stefanie Voelz, VP-Sr Credit Officer, EMEA Infrastructure Finance and lead analyst for Thames Water Utilities Ltd, will delve into the rationale behind this rating action:
- The risk of the draft determination deterring new equity investors
- Uncertainty on ability to improve liquidity, absent a pathway to future equity support
By joining this webinar, you will get the opportunity to ask all your burning questions about this recent action.
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SpeakersStefanie Voelz Vice President – Senior Credit Officer, Infrastructure and Project Finance Moody's Ratings
Graham Taylor Senior Vice President - Infrastructure Finance Moody's Ratings
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Event Manager
If you have any questions about the event, please contact Christopher De Ridder at christopher.deridder@moodys.com.
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Stefanie Voelz is a senior analyst in Moody’s EMEA Infrastructure Finance team, based in London. She is currently responsible for a portfolio of regulated utilities and infrastructure issuers in the United Kingdom. Over an extended career in credit, Stefanie has developed in-depth knowledge of utilities and transportation infrastructure sectors across Europe. She is also an expert in the credit assessment of highly-covenanted financing structures in the regulated utility space as well as project financings.
Stefanie is Moody’s lead analyst covering UK Water and has published extensively on the sector. She is the lead author of Moody’s Rating Methodology for Regulated Water Utilities, last updated in June 2018. Stefanie has also been one of Moody’s lead commentators on European regulated networks.
Prior to joining Moody’s in October 2004, Stefanie worked in the credit department of Bankgesellschaft Berlin AG (now Landesbank Berlin AG) in London and Berlin, where she held portfolio responsibility for project finance transactions in the energy and infrastructure sectors.
Stefanie holds a degree in business administration (Diplomkauffrau) from the University of Applied Sciences in Berlin.
Graham Taylor is a Vice President – Senior Credit Officer in Moody’s EMEA Infrastructure Finance team, based in London. He is responsible for a portfolio of regulated and unregulated utilities in the United Kingdom. As a senior member of the analytical team, Graham has contributed to and/or coordinated a number of publications, in particular on energy market issues, and is a frequent speaker at investor events. Prior to joining Moody’s in 2015, Graham was City Advisor to Ofwat, the English and Welsh water regulator, through the 2014 Price Review. He was previously an equity portfolio manager at Legal & General, where he managed long-only and long/short funds and was responsible for coverage of UK utilities, transport and leisure, and health care. Graham started his career in the investment banking division of Credit Suisse in New York. He is a graduate of Queen’s University, Canada, and is a CFA charter holder. Moody’s has a leading global Infrastructure Finance franchise, rating some US$2trillion of corporate and project finance securities, representing more than 90% of all public bonds issued globally in the sector. 140 analytical sector staff cover more than 1,000 infrastructure issuers globally. Moody’s EMEA team of 50 specialists is responsible for rating around 416 issuers. The rating agency covers more than11,000 corporate issuers and 135 sovereign nations.