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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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VSTECS Shares Soar 13% Following Profit Surge and Record Revenue



Key Takeaway: VSTECS Bhd shares jumped 13% after reporting a 53.79% increase in net profit and record-high revenue for 3QFY2024, driven by strong consumer and enterprise product sales.

VSTECS Bhd’s shares surged to RM3.60, marking a 40 sen rise, after the company posted an impressive 53.79% year-on-year jump in net profit to RM19.58 million for 3QFY2024. Revenue hit a record RM841.76 million, up 30.22%, supported by product launches and a recovery in both consumer and enterprise segments.

Other positive contributors to earnings included a 66% reduction in financial impairments and a 53% drop in tax expenses. Earnings per share increased to 5.5 sen from 3.6 sen last year, while VSTECS declared an interim dividend of 2.8 sen per share.

VSTECS’s stock gained investor attention, with a trading volume of 475,100 shares, exceeding its 10-day average.

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