Thames Water - comment

Thus far, Thames Water's cash planning has been accurate; liquidity is running thin into March. The two Accordion Facilities of £750m under the super sr. financing are subject to a lock-up agreement, for which Thames Water is requesting support over the next two weeks by Feb 26th. It is also seeking to add another £73m of "deferred commitments”. For that, however, we are expecting more concrete outlines of a deal to come forth shortly.