Canada’s state-backed export credit agency is reportedly nursing steep losses after lending debt-ridden Thames Water hundreds of millions of pounds.
The British utility, which has said it could run out of cash by next June, received two loans from Export Development Canada (EDC) in 2018 and 2019 after the Canadian pension fund Omers had invested.
EDC sold the loans at a deep discount in recent weeks, according to the Financial Times, which cited unnamed investors.
Thames Water has been pushed to the brink of collapse in recent months after struggling under the weight of debts built up over years by successive owners and could fall into government-handled administration if it fails to find new financing within the next 10 months.
