The most common and most likely answer to this crossword clue is the 7 letter word SOLVENT
I've seen this crossword clue in Financial Times
S
O
L
V
E
N
T
More clues leading to the result SOLVENT
- Able to pay as novel is damaged in street
- With no financial problems? That’s not to be sniffed at!
- Solution Victor dropped in Channel at Cowes?
- Note opening above water?
- Crack nut, leaving kernel with sufficient gravy?
- What you do next, leaving former partner able to pay debts
- Financially sound star let off steam
- In the black water off Cowes swallows start to vanish
- Water being this universal, keeping head above it?
- Having enough to pay for alcohol perhaps
Buddy explains!

The straight part
We know that "above water" is the straight/definition part of the clue. The straight part is often a synonym or definition, in this case above water = solvent.The cryptic/wordplay part
In cryptic crossword there's often an wordplay/cryptic part as well.This part involves a more complex hint, such as an anagram, homophone, hidden word, etc.
Sadly, We don't have an explanation for this specific crossword clue yet.
What does SOLVENT mean?
SOLVENT noun- A liquid that dissolves a solid, liquid, or gaseous solute, resulting in a solution.
- That which resolves.
- Able to pay all debts as they become due, and having no more liabilities than assets.
- Having the power of dissolving; causing solution.