UK utilities face swap counterparty shortage

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Widespread downgrades could rule out a host of dealers as swap counterparties for UK utilities – with serious implications for both parties. Banks that fall below the acceptable ratings threshold would be required to swallow the cost of replacement trades, while utilities could find new swap providers in short supply, potentially threatening their government-approved licences. Moody's Investors Service is reviewing the ratings of 17 global dealers, with decisions expected by the end of June.

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