UUW is the most important operating subsidiary of UU.
The agency also expects UU's gearing to average around 62% over AMP6, due to some cash held at the UU level and the consolidation of gross debt (eg preference shares and intra-group treasury arrangements owed to UU by UUW consolidate out).
UUW is one the regulated monopoly providers of water and wastewater services in England and Wales.
Nevertheless, Fitch reckons that UUW and UU are left with some headroom in terms of interest cover at the current rating level.
UUW is seen to continue outperforming with regard to the cost of debt, but on the other hand it may be challenged by costs, connected with the adoption of private sewers, doubtful debt and pensions, above industry-average operating expenditure catch-up efficiency targets and reduction of turnover with large industrial customers.
Over the five-year period to April 2010 UUW will invest another pounds 2.
The previous major euro issue by UUW had been in August 2000 when it raised money on seven year notes.
Full marks to UU finance director Simon Batey and UUW treasurer Tom Fallon.
reserves the right not to award framework agreements and / or contracts for the works detailed in this Notice.