WIREDGOV

An independent Monitor to report on the progress of Thames Water against its equity raise and transformation plans has been appointed by Ofwat.

L.E.K. Consulting has been appointed as the Monitor and will report back to Ofwat frequently as part of their activity.

The appointment of a Monitor was one of the key elements of the package of commitments from Thames Water, confirmed in August to remedy its licence breach on losing its investment grade credit ratings.

The commitments, including the Monitor, will remain in place until the company regains two investment grade credit ratings.

Notes to editors

Ofwat’s final decision document to accept enforceable undertakings given by Thames Water Utilities Limited (Thames Water) is available here.

These enforceable commitments, known as ‘undertakings’ are offered by Thames Water to Ofwat pursuant to Section 19 of the Water Industry Act 1991. Paragraph 26 of Condition P of the Licence provides that: “The Appointee (Thames Water) must ensure that it or any Associated Company which issues corporate debt on its behalf maintains, at all times, two Issuer Credit Ratings which are Investment Grade Ratings from two different Credit Rating Agencies, other than where Ofwat provides its written agreement for the Appointee to maintain only one Issuer Credit Rating which is an Investment Grade Rating.”