Transaction Update: Central Nottinghamshire Hospitals PLC Apr 11

Standard & Poors, April 2011

Abstract
The long-term insured 'AA+' debt rating on the £351.9 million index-linked senior secured bonds (including £32.0 million of variation bonds) due 2042, issued by U.K.-based special-purpose vehicle Central Nottinghamshire Hospitals PLC (ProjectCo), reflects the unconditional and irrevocable guarantee provided by Assured Guaranty (Europe) Ltd. (AGE; AA+/Stable; formerly FSA U.K. Ltd.) of payment of scheduled interest and principal on the debt. The 'BBB' Standard & Poor's underlying rating (SPUR) on the bonds reflects a composite of credit factors outlined below. ProjectCo is using the funds to finance the design, construction, and maintenance of hospital facilities at three sites--King's Mill Hospital, Mansfield Community Hospital, and Newark General Hospital--for the Sherwood Forest Hospitals National Health Service Foundation Trust (the Trust) and Nottinghamshire County...

Companies mentioned in this report are:
- Central Nottinghamshire Hospitals PLC
- Deutsche Bank AG
- Credit Agricole Corporate and Investment Bank
- The Royal Bank of Scotland Group PLC
- Assured Guaranty (Europe) Ltd.

Action: Review

Standard and Poors RatingsXpress Credit Research provides in-depth coverage of international corporates, financial institutions, insurance companies, utilities, sovereigns and structured finance programs. RatingsXpress Credit Research lets users determine the credit rating of holdings and identify key factors underlying an issuer's creditworthiness, distinguishes the different risk exposures for new and existing deals, and provides an understanding of how their analysts interpret key regulatory, political and environmental events and their economic impact.

Research Type: Full Analysis

- Central Nottinghamshire Hospitals PLC
- Deutsche Bank AG
- Credit Agricole Corporate and Investment Bank
- The Royal Bank of Scotland Group PLC
- Assured Guaranty (Europe) Ltd.

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