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Under the WROA, NWL, as owner and operator of the Kielder Reservoir, is responsible for the operation and maintenance of the reservoir on behalf of the EA.
Fitch views the possibility of the WROA being terminated as remote given, 1) the importance of the reservoir as a strategic reserve to the EA, 2) NWL's on-going stable operating and financial performance, and 3) the possibility to replace NWL in the event of underperformance.
The probability of a breach of the WROA by NWL is viewed as extremely low, and in the event that a breach occurs, the appointment of another water company as operator is viewed as likely, allowing continued payments from the EA.
In certain specified circumstances such as breach of a covenant relating to its principal duties to supply water or bankruptcy, the Court may appoint a special administrator, meaning insolvency of NWL would not imply termination of the WROA. If a third party acquires the assets, it would assume NWL's role and could also appoint a sub-contractor.
Under the terms of the WROA, NWL is required to maintain the reservoir in good condition, and this is ensured by annual independent engineer's reviews.
Security is provided by an assignment of NWL's rights to receive the annual sum from the EA under the WROA. Additionally, creditor interests are guaranteed by Assured Guaranty (Europe) Ltd., who also acts as controlling creditor.
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