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Southern Water Downgraded to Junk by Moody’s Amid Water Industry Challenges

Key Takeaway: Moody's downgraded Southern Water to junk status , citing financial and operational underperformance, compounding the broader issues facing the UK water sector. Southern Water Ltd’s credit rating was downgraded to junk by Moody’s , with a warning of potential further cuts due to its weak performance history and financial challenges. This downgrade impacts the company’s ability to raise the £4 billion in new debt and £650 million in equity required for its capital plans. The UK water industry is facing heightened scrutiny due to concerns over chronic leaks, sewage spills, and high-interest rates. Southern Water, which supplies over two million people in England, could face severe penalties from the regulator Ofwat , which may limit funds for essential upgrades. Following the downgrade, Southern Water’s 2026 bonds dropped 2.7 pence to around 85 pence on the pound. Despite the rating cut, Southern Water assured customers that services would continue unaffected, hig
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Bumi Armada and MISC Sign MOU for Potential Merger in Offshore Business

Key Takeaway: Bumi Armada Bhd and MISC Bhd have signed a memorandum of understanding (MOU) to explore a merger of their offshore businesses, potentially creating a RM20 billion Malaysian energy giant.

Bumi Armada Bhd is in early discussions to merge with the offshore business of MISC Bhd, aiming to create a Malaysian-based powerhouse in the energy sector. The proposed merger will focus on combining expertise in offshore floating production to compete in the capital-intensive global market.

Under the MOU, both parties have nine months to complete due diligence and sign a definitive agreement. The merged entity would remain listed on Bursa Malaysia and leverage the combined resources and talent pool from both companies.

Key Details:

  • Assets: Bumi Armada’s assets are valued at RM11.46 billion, while MISC’s offshore business assets total RM8.65 billion.
  • Capabilities: Bumi Armada owns three FPSO vessels and other assets, while MISC, mainly controlled by Petronas, holds seven FPSO vessels and additional storage units.
  • Stakeholders: Billionaire T Ananda Krishnan is the largest shareholder in Bumi Armada, with a 35% stake.

The companies emphasize that the merger is still in preliminary stages, with no guarantee of a finalized agreement.

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