Wales & West Utilities Finance PLC Statement re rating agency announcement (3504O)

TIDM60ZJ TIDMTTM

RNS Number : 3504O

Wales & West Utilities Finance PLC

02 October 2023

WALES & WEST UTILITIES FINANCE PLC

(incorporated with limited liability in England & Wales with registered number 6766848)

Equity investments: Announcements by Fitch Ratings Limited and S&P Global Ratings on 29(th) September 2023

02 October 2023

Wales & West Utilities Finance plc (the "Issuer") welcomes the announcements made by Fitch Ratings Limited and S&P Global Ratings on Friday 29(th) September 2023 in relation to equity investments made and further equity investments expected to be made into the Issuer's immediate parent company, Wales & West Utilities Limited ("WWU"). Specifically, on Wednesday 27(th) September 2023, WWU received GBP759 million of cash equity which has been used to repay an equivalent amount to certain loan noteholders affiliated with its indirect shareholders on 2(nd) October 2023. On Monday 9(th) October 2023, WWU expects to receive GBP150 million of additional equity (less working capital requirements above WWU of GBP3 million). WWU also understands that Wales & West Gas Networks (Holdings) Limited, WWU's indirect shareholder, is intending to make further debt-funded equity injections of approximately GBP200 million to the WWU group. These equity investments are intended to enhance the financial resilience and credit strength of WWU.

Investor Relations

Ian T. Weldon, Head of Treasury

Wales & West Utilities Limited

Wales & West House

Spooner Close

Celtic Springs

Coedkernew

Newport, UK

NP10 8FZ

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October 02, 2023 05:01 ET (09:01 GMT)

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