Tumultuous waves have long beset Thames Water, but last week a massive one hit the imperiled UK utility company head on as Moody's cut its opco debt to junk.

With too much debt, poor quality assets from decades of under investment, and a plan the water regulator rejected, Thames's opco downgrade was widely expected across the market. But what happens next?

To answer that question, 9fin editor Dan Alderson, senior distressed reporter Will Macadam and ABS editor Owen Sanderson hit the studio just after the downgrade was announced. The resulting bonus episode of Cloud 9fin is packed with insights and constructive speculation about what Thames's fallen angel status, license challenges and a new UK government entail for the uncharted waters ahead.

Find all of our coverage of Thames Water here on the 9fin dashboard. Have any feedback for us? Send us a note at [email protected].