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Enhanced governance standards drive further S&P ratings rise for Tideway

Enhanced governance standards drive further S&P ratings rise for Tideway

Tideway, the company building London’s super sewer, has seen its S&P rating increase for the second year in a row.

The new rating of 77 (up from 76 last year) recognises the view that “sustainability is well-embedded in the company's strategic objectives and operations,” and the company has a “robust set of values and commitments” – as well as noting Tideway’s use of sustainable debt.

An analysis of the project’s ESG (environmental, social, and corporate governance) credentials also praised the “significant environmental benefits” the super sewer will bring, alongside Tideway’s “high governance and social standards,” “strong safety track record,” and “reporting [that is] in line with best practices,” including Tideway’s recent social impact report.

Tideway’s Chief Financial Officer, Mathew Duncan, said: “At Tideway, we strive to be sustainable not just in our ultimate goal – cleaning up the River Thames – but also in our pursuit of that goal.

“And so it’s wonderful to see our efforts recognised with the higher rating achieved this year, especially as we look ahead to next year, when this project will begin protecting the River Thames from sewage pollution for the first time.”

S&P Global Ratings' ESG evaluation is a cross-sector, relative analysis of an entity's capacity to continue to operate successfully. It is grounded in how ESG factors could affect stakeholders.

You can read S&P's press release on Tideway's ESG evaluation here