Statement re rating agency announcement

Wales & West Utilities Finance PLC

02 October 2023

 

WALES & WEST UTILITIES FINANCE PLC

(incorporated with limited liability in England & Wales with registered number 6766848)

Equity investments: Announcements by Fitch Ratings Limited and S&P Global Ratings on 29^th September 2023

02 October 2023

Wales & West Utilities Finance plc (the "Issuer") welcomes the announcements made by Fitch Ratings Limited and S&P Global Ratings on Friday 29^th September 2023 in relation to equity investments made and further equity investments expected to be made into the Issuer's immediate parent company, Wales & West Utilities Limited ("WWU").  Specifically, on Wednesday 27^th September 2023, WWU received £759 million of cash equity which has been used to repay an equivalent amount to certain loan noteholders affiliated with its indirect shareholders on 2^nd October 2023. On Monday 9^th October 2023, WWU expects to receive £150 million of additional equity (less working capital requirements above WWU of £3 million). WWU also understands that Wales & West Gas Networks (Holdings) Limited, WWU's indirect shareholder, is intending to make further debt-funded equity injections of approximately £200 million to the WWU group. These equity investments are intended to enhance the financial resilience and credit strength of WWU.

Investor Relations

Ian T. Weldon, Head of Treasury

Wales & West Utilities Limited

Wales & West House

Spooner Close

Celtic Springs

Coedkernew

Newport, UK

NP10 8FZ

 

END