Moody's raises Southern Water's outlook after Macquarie's $1.63 billion boost
Moody's also confirmed Southern Water's rating at 'Ba1'.
The firm's bonds were up on Thursday, adding to the sharp jump they saw after a consortium led by Macquarie Asset Management agreed to inject up to 1.2 billion pounds ($1.64 billion) in Southern Water on Tuesday.
While the utility faces performance penalties from Britain's water regulator and potential cost overruns, the equity injection provides Southern Water with enough buffer to maintain its credit quality, Moody's said in a report.
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