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07 June 2007
United Utilities announced its preliminary financial results for the year ended 31 March 2007 on 5 June 2007. The announcement referred to the initiation of the sale process of United Utilities Electricity PLC and the consequent review of the group's capital structure and setting of a target credit rating for United Utilities Water PLC that best mirrors the water regulator's assumptions.
Following this announcement, Moody's Investors Service Ltd. has on 5 June 2007 placed on review for possible downgrade the A3 long-term ratings of United Utilities PLC and the A2/Prime-1 ratings of United Utilities Electricity PLC and United Utilities Water PLC. On 6 June 2007 Standard & Poor's Rating Services, a division of The McGraw-Hill Companies, Inc., placed its A senior unsecured debt and A-1 short-term corporate credit ratings on United Utilities Water PLC and United Utilities Electricity PLC and its A- senior unsecured debt and A-1 short-term corporate credit ratings on United Utilities PLC on CreditWatch with negative implications.
