Ofwat appoints independent monitor for Thames Water due to credit rating downgrades and breach of operating license.

The UK's water regulator, Ofwat, is appointing an independent monitor for Thames Water after its credit rating was twice downgraded, breaching its license to operate. Thames Water must agree to four commitments including developing a business plan to turn around its struggling business, raising funds from investors, and appointing new non-executive directors. The independent monitor will report on progress, ensuring meaningful change in performance and expertise on the board. Thames Water faces a funding crisis, with over £15bn of debt and is scrambling to secure a major cash injection to stay afloat.

August 07, 2024
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