Thames Water is set to be monitored by an independent supervisor as mandated by Ofwat following a breach of its operational licence due to two recent credit rating downgrades by Moody's and S&P. The monitor will have access to the company's financial data and will report on the progress of Thames Water's turnaround efforts, which include appointing new non-executive directors and developing a viable business plan. Ofwat's chief executive, David Black, emphasized the need for Thames Water to remedy its performance issues and secure investor backing to restore its investment-grade credit rating. The commitments will remain enforced until the company regains two such ratings. Thames Water, which serves 16 million customers, currently faces a significant debt of over £15 billion and has been put into special measures by the regulator. Failure to secure new investments could lead to government-managed administration for the utility.