OREANDA-NEWS. S&P Global Ratings today said it has affirmed its 'BBB+' long-term corporate credit and senior secured ratings on U. K.-based regulated water utility company Bournemouth Water Ltd. following the company's acquisition by the Pennon Group. The rating was subsequently withdrawn at the issuer's request. The outlook was stable at the time of the withdrawal.

The rating affirmation follows Pennon Group's acquisition of Bournemouth Water and the subsequent merger with its regulated water business, South West Water. The merger was made official on April 1, 2016 and Bournemouth Water no longer exists as a separate legal entity.

South West Water has replaced Bournemouth Water as a guarantor of the notes issued by the Artesian financing vehicle.

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