Thames Water’s debt has been downgraded as the struggling utility company seeks to secure £3bn in emergency funding to stave off collapse, after it emerged that the government has approached potential administrators, The Guardian reported. The rating agency Moody’s downgraded the company’s debt rating, and increased its view of the probability of default, changing its outlook on Thames Water from stable to negative. Moody’s said that it downgraded Thames as it believes its proposed financial plans “do not provide an attractive risk-return balance for existing or new investors”.
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United Kingdom
A Hong Kong court delayed a hearing on Sino-Ocean Group Holding’s restructuring agreement with lenders, as the state-linked builder awaits a decision later this month on a UK case involving a debt plan for all creditors, Bloomberg News reported. Sino-Ocean earlier said that a group of loan lenders holding 86.2 percent of its debt had voted in favour of the Hong Kong scheme, passing a threshold of 75 per cent required for the restructuring arrangement in the city. The next Hong Kong hearing is set for Feb 19, “given the pending decision of the English Court”, according to a company filing.
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The number of people going financially insolvent in England and Wales last year was 14% higher than in 2023, driven by debt relief orders, DROs, jumping to a record high, according to the Insolvency Service, Alliance News reported. Some 117,947 personal insolvencies were registered in 2024, 14% higher than the 103,434 recorded in 2023. Within the total, there were 43,249 DROs – the highest annual number on record and 36% higher than in 2023.
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Dozens of councils face a wave of new sex discrimination claims that town hall bosses fear will push them into bankruptcy, The Times reported. Payouts worth up to £500 million are being demanded by the GMB trade union, after a deal was struck last month with Birmingham city council, Europe’s largest local authority. The case is viewed as a “template” for action against other councils, given workers in jobs predominantly held by women were found to have been paid less than those in male-dominated ones.
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The U.K.’s unemployment rate rose in the three months through November, a fresh sign the economy is faltering that increases the likelihood the Bank of England will lower its key interest rate early next month, the Wall Street Journal reported. Unemployment stood at 4.4% of the workforce between September and November, rising from 4.3% in the previous three-month period, the Office for National Statistics said on Tuesday. That takes joblessness to its joint-highest level since 2021.
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