Anglian Water Services was back tapping the market with a GBP150 million ($287 million) reopening of its 2002 whole business securitization, the third offering to come from the GBP1.76 billion total program and follows the GBP250 million January deal.

The latest tap issue comes under the 10 billion ($13.2 billion) global secured MTN program. According to Fitch Ratings the capital structure is highly levered, up to 75% net debt-to-asset value at the double-A rated level as well as the triple-A wrapped class and up to 85% at the triple-B level. In March 2004, leverage was set at 71% and 81.5% respectively.

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