Thames Water Bulletin - Thames Water Credit Rating Update - 26 July 2024
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Dear member,
You will have seen that Thames Water credit rating has been downgraded to junk, which breaches the company's regulatory licence. This is obviously serious and comes shortly after the OFWAT draft determinations and this week's environment agency water company ratings.
The joint unions are meeting with OFWAT on Wednesday 31st July and subsequently meeting with the company in early August.
The credit rating downgrade is no reflection of the hard work you do for Thames Water, day in, day out. GMB members keep the water flowing despite the turmoil at shareholder level.
We know people are worried about job security, pay and pensions and you deserve future certainty and stability. GMB is seeking answers and assurances from Thames, the regulator, and a meeting with the Environment Minister.
Thames needs investment and if the current shareholders won't put money in and new investors cannot be found then the Government needs to step in.
People need water and there is a future for Thames and GMB members. What's required is certainty, stability and investment, which will provide good quality, well paid jobs long into the future
If you're not yet a GMB member, you can join online at www.gmb.org.uk
In Solidarity
Gary Carter
National Officer