Thames Water creditor compares UK to Puerto Rico over treatment of lenders | Thames Water
The biggest creditor to contend water company Thames Water Has said it will be sure that it will lose any money, joking that the UK is comparable to Puerto Rico, which borrowed to his water companies regardless of a crustacious debt crisis.
Dominic Frederico, the boss of our insurer assured, suggested that the UK government would not impose the company – with an exhibition of the water – was “well protected in terms of the legal structure, he told investors a call on August 8th.
“The joke I'm interline, and I will post it about some criticism that is that even in Puerto Rico's, they have paid the water bill,” he said. “So I assume that the UK government will do the same.”
Puerto Rico, an American territory, went through the greatest municipal standard in modern historyStart in 2014. However, his watering company debts were not hitretains returns for investors.
The comments underlined the scale of the crisis of the Samar Water, such as the expectation of some his senior creditors they will not lose their money. Thames Wetter has been under the effective control of his senior creditors, most of the most of the £ 17.7bn debt paper because shareholders left last year off the business.
The creditors have a £ 5.3bn injection proposed for injections and debt to take formal control of Thames Water and try to turn it. However, the creditors that insist that no recovery without possible lensycy on pollution fines out of 'eatenthe water arrus for England and Wales.
That proposal is deep contentious and has led to a stand-off, with the surroundings Secretary, Steve Reed, insist that Thames must be water Continue to meet the same environment standards as rivals. The government has for chatting for to place self-water in special administration, effectively a temporary nationalization that most likely impose important loss on creditors.
However, Assured Garanth has said that the trust, it will not lose money, and that Thames water remains from the government check. Frederico said he was “very comfortable” that the creditor plan would be properly approved.
SIGURED GARANY's Exposure of UK Water companies are risen to more than $ 16BN in Juneup of $ 10.6bn in March 2022according to quarterly filings. The largest exposure was $ 2.8BN on southerly water, another British water company that has First minanse greies.
The insurer has said that it feels “pretty good” about his exposure to the privatized water births of Britain. The main delivery officer, Benjamine Rosenblum, said in February: “The UK government they really do not have to do, and they want the macroekonomic background for the UK water Sector.”
Dieter Helm, in Oxford University provided previous labor and conservative government, said that the credit manager “and that it did not do it in the long term problems.
Helm said “Tames is, basically a very lifetime” because of rising bills that revenue, but creditors are unlikely to write-offs-clinging. Several of the creditors bought the blame at a discount of the original borrowers, which means that they could still make great profits, even with a large cut in the amount of the amount.
A Themes-water insurance said: “A special administration of the SPECIALS WATLIES TO DATE AND COLLAY AND Collection, and Collinia, and Destbile, Entbile, Ente, Ente, and Claas Pity.
“A brand-led-reapitalization is the fastest route and most effective route to financial stability, durable investment and better outcomes for customers and the environment.”
Assured guarantee and the ladies water Senior Creditor group were approached to comment.
