Thames Water’s second largest investor slashes value of its stake

USS's write down of almost two-thirds comes after utility admitted it cannot afford debt repayments

One of the biggest investors in Thames Water has slashed the value of its stake in the debt-laden utility by almost two-thirds, weeks after the company admitted that it does not have enough money to make its debt repayments.

A fund controlled by Thames Water's second largest investor, the University Superannuation Scheme (USS), reported a loss of almost 600m last year after writing down the value of the embattled water company as it struggles to shore up its balance sheet.