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SP Downgrades Thames Water to CCC minus

Global ratings agency SP downgraded Thames Water to CCC minus following plans to extend debt maturities and increase borrowing. The utility is fighting for survival under twenty billion pounds in debt.

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FILE PHOTO: A Thames Water service vehicle is parked in the car park of Chessington World of Adventures Resort after the theme park closed today due to a water outage in the area, in Chessington, Britain, August 10, 2026. REUTERS/Toby Shepheard/File Photo

S&P GLOBAL INC cut Thames Water Utilities to CCC- on Tuesday, citing debt restructuring plans that signal a distressed financial position in the United Kingdom. The downgrade deepens the utility's junk rating as debt maturities loom and emergency funding needs escalate. Creditors face potential default risks if debt extensions proceed without adequate compensation.