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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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Keyfield Reports Record Earnings for 3QFY2024, Declares Four Sen Dividend

Key Takeaway: Keyfield International Bhd achieved record earnings and revenue for 3QFY2024, driven by high vessel utilisation rates and an increase in owned vessels.

Recently listed oil and gas services firm Keyfield International Bhd reported its highest-ever quarterly earnings, with net profit rising 77.18% year-on-year to RM81.12 million for 3QFY2024. This growth was fueled by a 45.54% increase in revenue to RM216.79 million, boosted by high utilisation rates of 99.2% across its fleet of 12 vessels.

Earnings per share for the quarter increased to 10.11 sen, and the company declared a four sen interim dividend, bringing the total payout for the year to eight sen per share, with a payout ratio exceeding the targeted 20%.

Keyfield’s order book stands at RM450 million, with RM150 million allocated to the remainder of 2024. Looking ahead, the company expects a tight supply of offshore vessels, which may benefit its continued expansion in offshore projects.

Since its IPO at 90 sen in April, Keyfield’s shares have tripled, closing at RM2.26 with a market capitalization of RM1.82 billion.

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