Group structure
Anglian Water Group operates with a three-tier financing structure, designed to efficiently raise and manage debt while maintaining strong credit fundamentals and regulatory ringfencing.
Equity
Anglian Water Group Limited
Shareholder Eurobond
£462m + Deferred Interest
Yield
Base Rate + 6.5%
Holdco / Aigrette
The ultimate parent entity, owned by shareholders.
Typically carries structurally subordinated debt, serviced by distributions upstream from Midco.
No direct access to regulated operating cash flows; relies on dividends that are subject to regulatory and covenant constraints.
Risk profile is higher relative to Opco debt, reflected in its position in the capital structure.
Consolidated Debt at Aigrette
Net Debt / RCV
83%
AFL Debt
£726m
Midco / Osprey
Sits between the operating company and ultimate holding entities.
Facilitates internal financing, including intercompany loans to Opco and upstream distributions.
Holds external debt instruments and acts as a bridge between operational cash generation and group-level financing obligations.
Provides structural flexibility while maintaining separation between regulated operations and shareholder-level financing.
Consolidated Debt at OAL
Net Debt / RAV
78%
OAL Bond Debt
£990m
OAL Bank loans and private placement
83%
Credit Rating
Fitch Ratings
BBB
-
Opco / Anglian Water Services Limited
The regulated water and wastewater operating entity.
Generates the primary cash flows of the group through customer revenues.
Fully ringfenced under Ofwat regulation, with restrictions on financial flows and leverage.Supports a substantial proportion of the group’s debt, typically secured and structured around long-term, stable cash flows.
Maintains strong liquidity and covenant protections aligned with regulatory requirements.
Consolidated Debt at AWSL
Net Debt / RAV
71%
AWSL Gross Debt
£8,731m
AWSL Net Debt
£8,374m
Credit Ratings
Fitch Ratings
A
-
Moody's Ratings
Baa1
