Thames Water to act after credit rating falls

Ofwat has confirmed that Thames Water will implement specific actions following a downgrade in its credit rating.

These actions are intended to address the company’s failure to maintain its investment-grade status.

The measures include appointing an independent monitor who will regularly report on the company’s progress to Ofwat, with full access to company information.

Thames Water is also required to develop a new operational plan aimed at stabilising its business and to take steps to raise equity.

Additionally, new non-executive directors will be appointed to the board.

These commitments will remain until Thames Water regains its investment-grade credit ratings.