Thames Water - comment

A commitment not to sell Thames Water before 2030, or the success of its turnaround carries a signal, even if cynically one could argue it would be difficult to sell the investment if it can’t turn around. Naturally, the regulator, the CMA and ultimately the treasury - if formally involved already or not - will want to ensure that the parties committing themselves in this negotiation will be around to deliver. But it also means that there is serious engagement with creditors now and signals a tacit shift towards finding a solution with the sitting investors as the birds in hand.