Speaking just after he signed, Waters said, "I'm glad all these contract negotiations are out the way and that the club and myself have come to an agreement. I was lucky that I escaped the wrath of any pay cuts so I'm pretty happy.
"Wasps are in a strong position in the league as well as in our respective Pool in Europe, so things are going well. I had some attractive offers from other clubs, including Europe on much better money, but at the end of the day, Wasps are the team everyone wants to play for.
"I think I'm playing decent rugby at the moment and hoping that staying at Wasps will help me get back into the England set-up".
Director of Rugby Warren Gatland said, "The week just seems to be getting
better and better. Having Lawrence and Joe sign over the last couple of days and now Fraser, means we are holding onto our players, which is a positive
sign. If the players are staying, it means they are happy and happiness hopefully means more success.
"Fraser is at the top of his game at the moment and spearheads our backline. He reads the game extremely well and I am surprised he doesn't have more England caps".