Thames Water is relatively resilient to the effects of COVID-19 given the essential service it provides and the regulated nature of its activities. However, we still expect the company will struggle to achieve credit metrics commensurate with the current ratings in the current regulatory period. Thames Water's operational performance remains below par, but we note the recent improvement in number of areas and we expect this to continue over the next few years on the back of additional investment and the new CEO's clear focus. We are affirming our ratings on Thames Water's class A and class B debt. The outlook remains negative because the company risks not being able to improve its operational performance in light of its very
