On 25 September 2024, Moody's Ratings downgraded Thames Water's CFR to Caa1.
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:
- Weaker liquidity than previously expected, with cash likely used up by December 2024, unless emergency reserves are used
- High likelihood of a distressed exchange, including amend and extend of existing debt terms that results in losses to creditors, in the near term
By joining this webinar, you will get the opportunity to ask all your burning questions about this recent action.
View recent ratings reports for Thames Water Utilities Ltd here.
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SpeakersStefanie Voelz Vice President – Senior Credit Officer, Infrastructure and Project Finance Moody's Ratings
Paul Marty Associate Managing Director, 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.
Paul Marty is a Associate Managing Director in Moody’s EMEA Infrastructure Finance team, based in Paris. He oversees a team of analysts covering regulated and unregulated utilities across EMEA and is also responsible for a portfolio of utilities in Portugal. Over the course of a long career at Moody’s, Paul has covered a broad range of sectors including oil & gas and real estate and is experienced in rating both conventional and complex structured financing arrangements. Paul is an authority on the European utility sector and the lead author of Moody’srating methodology for regulated electric and gas networks. He has published extensively on the utility sector, authored well-received reports on environmental risks and developments, and frequently presents Moody’s views at investor roundtables and other events. 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. 180 analytical sector staff cover more than 1,700 infrastructure issuers globally. Moody’s EMEA team of 46 specialists is responsible for rating around 430 issuers. The rating agency covers more than39,000 issuers and transactions. Paul’s prior work experience includes 3 years in an independent credit research boutique, covering high-yield corporate issuers. Paul started his career in Mergers& Acquisitions at BNP Paribas where he worked on a number of transactions in the oil & gas sector. Paul graduated from the ESSEC Business School in Paris, France. He is fluent in English and French.