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South West Water's bond prospectus confirms £4.15bn of debt
South West Water has published an updated, regulator-approved prospectus for its £2.5bn bond programme, which does not itself raise new borrowing. The document confirms £4.15bn in total borrowings at 31 March 2026, a Moody's downgrade to Baa2 in October 2026, and its AMP8 investment plans, alongside ongoing legal and regulatory proceedings.
Our readA credit downgrade buried inside a routine bond update is still a credit downgrade, and it puts South West Water a notch closer to the funding trouble that has already consumed Thames Water.
Read the announcement at Water Magazine →
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