Thames Water - comment

Any decision on a Special Administration will be political, and the licence breach will not dictate any Ministerial decision or its timing. A small number of investors may be forced sellers, but most rating-constrained holders will either have exited already or chosen to hold the notes in their unconstrained bucket. The downgrade to High Yield by S&P was bound to come. Saahil is on leave and will update as necessary on his return.

https://www.ft.com/content/16640b07-688d-4dff-a870-cb476be470f4