Water downgrades - missing Thames and Southern

All,

S&P have released their next batch of ratings for water companies. 

However, neither Southern, nor Thames are amongst them. 

Actions today have been:

Yorkshire: A- confirmed, but outlook from Stable to Negative

Affinity: from A- Negative to BBB+ Stable

Anglian: A- confirmed, outlook from Negative to Watch Negative

United Utilities: A- to BBB+. Note that the PLC is now at BBB-

Wessex: BBB+ to BBB

Sutton and East Surrey: BBB+ to BBB

Northumbrian: BBB+, outlook now Watch Negative

Clearly Thames Water and Southern water would be among the more difficult cases, but we are expecting revised ratings any day now.

Wolfgang