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The information contained in the Investor reports is being distributed in fulfilment of a document, the Common Terms Agreement (CTA) which governs the company’s obligations to its bond holders and other financial creditors. It is directed to, and intended for, existing investors in the company. No other persons should act or rely on it.

The company makes no representation as to the accuracy of forecast information (or any other information in these reports, other than as set out in the CTA). These forecasts involve risk and uncertainty because they relate to events and depend on circumstances that will occur in the future. There are a number of factors that could cause actual results or developments to differ materially from those expressed or implied by these forecasts.

These reports should not be relied on as a guide to future performance, and should not be relied on in deciding whether to undertake future investment in the company. It should be noted that the information in these reports has not been reviewed by the company's auditors. For the purposes of the financial promotions regime under the Financial Services and Markets Act 2000, these reports are given on the basis of the exemption provided in Article 69 of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005 (as it relates to bonds which are already admitted to trading on a relevant market).

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Glas Bond Credit Ratings

1 Stable

2 Negative outlook

3 The Class A bonds are guaranteed by Assured Guaranty UK Limited (A1/AA/NR) and revert to the higher of the guarantor's ratings or underlying bond rating.

 

Fitch rating report – April 2025

296.5kB, PDF

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Moody's credit opinion update - February 2025

380.3kB, PDF

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Moody's rating action - February 2025

50.8kB, PDF

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Fitch rating action commentary - February 2025

172kB, PDF

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2025

Fitch rating report – April 2025

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296.5kB, PDF

Moody's credit opinion update - February 2025

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380.3kB, PDF

Moody's rating action - February 2025

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50.8kB, PDF

Fitch rating action commentary - February 2025

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172kB, PDF

SP water sector rating actions - February 2025

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181.3kB, PDF

2024

Moodys credit opinion December 2024

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371.7kB, PDF

Moody's water sector review - November 2024

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262.4kB, PDF

Moody's ratings action - November 2024

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50.5kB, PDF

SP ratings action - November 2024

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461.5kB, PDF

Fitch credit rating affirmation - April 2024

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322.5kB, PDF

Moody’s periodic review - March 2024

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41.7kB, PDF

Fitch credit rating affirmation - March 2024

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190.5kB, PDF

Moody's credit opinion update 29 February 2024

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2.8MB, PDF

2023

Fitch credit rating report - June 2023

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300.7kB, PDF

Fitch credit opinion - March 2023

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183.9kB, PDF

Sustainable Fitch Affirms Glas Holdings ESG Entity Rating at 2 - 2023

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34.8kB, PDF

Moodys credit rating opinion February 2023

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2.5MB, PDF

2022

SP Welsh Water Research Update November 2022

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142.1kB, PDF

Sustainable Fitch Assigns Inaugural ESG Entity Rating of 2 to Glas Holdings

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109.9kB, PDF

SP Rating Report Dwr Cymru Financing UK Plc May 2022

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604kB, PDF

2021

Fitch Credit Opinion - December 2021

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409.5kB, PDF

Moodys Credit Opinion - November 2021

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2.5MB, PDF

Fitch Affirms Dwr Cymrus Ratings - November 2021

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3.8MB, PDF

Moodys Announcement of Periodic Review - July 2021

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111.3kB, PDF

S&P Rating Report Dwr Cymru Financing UK Plc - March 2021

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853.4kB, PDF

Dwr Cymru Moodys Issuer Comment STID proposal - 2 March 2021

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1.4MB, PDF

Fitch Affirms Dwr Cymrus Senior Secured Debt at A Stable Outlook - February 2021

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181.1kB, PDF

2020

Fitch Ratings reports - January 2020

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99.4kB, PDF

Moodys Rating Action February 2020

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120kB, PDF

SP ratings action February 2020

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136.8kB, PDF

Moodys Periodic Review - July 2020

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117.9kB, PDF

Moodys Credit Opinion - September 2020

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1.6MB, PDF

2019

Fitch Ratings Reports - July 2019

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670kB, PDF

Fitch Ratings Reports - June 2019

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111.3kB, PDF

Moodys Announcement of Periodic Review - August 2019

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111.8kB, PDF

Moodys Credit Opinion December 2019

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1.5MB, PDF

Moodys Credit Opinion October 2019

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1.5MB, PDF

SP Credit Update - June 2019

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120.6kB, PDF

2018

Moodys Credit Opinion September 2018

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1.4MB, PDF

SP Ratings Analysis June 2018

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287.2kB, PDF

2017

Fitch Ratings Report -October 2017

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47.4kB, PDF

Moodys Credit Opinion - September 2017

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1.5MB, PDF

Moodys Issuer Comment - April 2017

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1.2MB, PDF

SP Ratings Analysis - July 2017

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420.6kB, PDF

2016

2016 FEB Dwr Cymru Financing Ltd Fitch CU

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513.6kB, PDF

2016 NOV Welsh Water Moodys CO published

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1.9MB, PDF

2016 SEP - Fitch RA

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46.4kB, PDF

2016Feb24 - Welsh WaterMoodys

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132.6kB, PDF

2015

2015 DEC - Fitch RA Dwr_Cymru_Dec_2015

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41.8kB, PDF

2015 FEB Moodys Research Document

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118.5kB, PDF

2015 JUN Moodys Welsh Water IssuerInDepth published version

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1.8MB, PDF

2015 MAR Moodys Welsh Water published CO

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136.2kB, PDF

2015 SEP SP CU RatingsDirectAnalysis1446605Sep

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364.1kB, PDF

2014

2014 DEC Moodys Credit opinion Welsh Water

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132.8kB, PDF

2014 JUL Fitch Dwr Cymru CU published 31072014

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448.8kB, PDF

2014 JUL Fitch Dwr Cymru Press Release Published 17072014

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43.6kB, PDF

Standard and Poors update 1 September 2014

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305.5kB, PDF

2013

Dwr Cymru Credit Opinion 20130812

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146.2kB, PDF

Dwr Cymru Update Report 26 03 2013

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374.4kB, PDF

Dwr Cymru_RAC_published_22072013

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38.4kB, PDF

DwrCymruFinancingLimitedPressRelease14032013

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33.7kB, PDF

Standard and Poors Transaction Update 23 August 2013

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316kB, PDF

2012

Dwr Cymru Credit Update 26092012

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320.2kB, PDF

Dwr Cymru Credit Update Report 11012012

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139.5kB, PDF

Dwr Cymru_Credit Opinion_22 Aug 2012

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88kB, PDF

Dwr Cymru_Issuer CommentProject Dafydd_19 June 2012

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45kB, PDF

Dwr Cymrus press release 21032012

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37.4kB, PDF

Moodys Credit Focus ComparisonWelsh SouthernOct 2012

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663.5kB, PDF

Moodys press release 210312

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51.3kB, PDF

RatingsDirect_Analysis_1002263_08_20_2012_09_20_04

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323.4kB, PDF

UK Water Industry Outlook_Oct 2012

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1.1MB, PDF

2011

Dwr Cymru Press Released Published 23032011

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37.3kB, PDF

Dwr Cymru Rating Report Published16052011

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639.3kB, PDF

Dwr Cymru_Credit Opinion_20110913

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81.4kB, PDF

Full SP Rating Review issued 270611

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482.7kB, PDF

SP Revise Rating Outlook to Stable 140611

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435.8kB, PDF

2010

Dwr_Cymru_Analysis_15_Jun_2010

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696.3kB, PDF

Dwr_Cymru_Credit_Opinion_23_Sept_2010

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83.1kB, PDF

Dwr_Cymru_FA_24_Mar_2010

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451.4kB, PDF

Dwr_Cymru_Issuer_Comment_Class_C_Tender_Offer_25_May_2010

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43.9kB, PDF

Dwr_Cymru_Issuer_Comment_In-source_Operations_11_Feb_2010

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42.6kB, PDF

Dwr_Cymru_Moodys_CO_18_Mar_2010

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86.9kB, PDF

Dwr_Cymru_Moodys_PR_17_Mar_2010

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47.5kB, PDF

Dwr_Cymru_SP_negative_outlook_08_Mar_2010

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435.4kB, PDF

DwrCymruFinancingLtdSummary18Oct2010

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433.3kB, PDF

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