Thames Water - comment

It seems that the institution of an independent monitor to remedy its license breach and avoid losing its investment-grade credit ratings is effective now. As a reminder, the monitor needs to report back to Ofwat on the company's progress and is entitled to access the company's financial information as well. In our view, it seems that at a high level, the company is already being run by Ofwat.  These commitments will remain in place until the company regains its investment-grade credit ratings. In reality, this would only occur after the company restructures its debt. 

Nationalisation in spirit if not on paper….