LONDON (Reuters) - Britain's second-biggest water company, Severn Trent, will receive a record 36 million pound fine from water regulator Ofwat for lying about its performance and overcharging customers and may face further measures from Ofwat and the courts.

Severn Trent (SVT.L: Quote, Profile, Research), which supplies water and waste services to around 8 million people, faces another court fine for falsifying information about leaks, after pleading guilty to separate charges by the Serious Fraud Office on Tuesday.

Analysts said the resolution of one element of the two-pronged inquiry, namely Ofwat's fine, provided greater visibility on Birmingham-based Severn Trent's earnings because the inquiries would end sooner than expected.

But further action by Ofwat and a court fine are expected.

"There might be as much as 60 million pounds ($119 million) additional fine ... but we've got much better visibility now," said HSBC analyst Verity Mitchell by phone, as she raised her rating to neutral from underweight.

Earlier Ofwat had announced a record 35.8 million pounds fine, the largest amount ever, because Severn Trent had misreported its data on customers' bad debts and incorrectly reported income data, a spokesman said.

The information was used by Ofwat to work out how much Severn Trent could charge its customers in the heavily regulated sector. By presenting the situation as better than it was, the company was allowed to charge more than it should have been.

In over 10,000 cases Severn Trent failed to meet minimum standards of customer service it expects, Ofwat said.

Over 3,000 customers received late responses to queries about bills, while many did not receive the 20 pounds compensation they were entitled to because the responses had been late.