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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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Scomi Energy Seeks New Investor After Dhaya Maju Deal Fails

Key Takeaway: Scomi Energy Services Bhd is in preliminary talks with a new "white knight" investor to formulate a regularisation plan, aiming for submission by Jan 31, 2025.

Scomi Energy, a PN17 company, has entered initial discussions with another investor after its previous deal with Dhaya Maju Infrastructure fell through. The company’s regularisation plan deadline is approaching, with end-January 2025 as the target.

This comes after Scomi’s external auditor, Crowe Malaysia, issued a disclaimer of opinion on the financial statements for FY2024, citing insufficient audit evidence and expressing doubts about the company’s ability to continue as a going concern if the new regularisation plan is not successfully implemented.

The company has been in PN17 status since January 2020 and has faced ongoing financial struggles, narrowing its net loss to RM742,000 in FY2024 from RM86.16 million the previous year. However, it reported negative operating cash flow and rising accumulated losses of RM473.05 million by June 2024. Scomi’s shares have remained suspended since July last year, last trading at 0.5 sen.

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