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Transaction Update: Amey Lagan Roads Financial PLC
Standard & Poors, May 2011
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
The funds were used by Amey Lagan Roads Ltd. (ProjectCo) to finance the design, construction, operation, and maintenance of four complementary highway improvement schemes to the west of Belfast, in Northern Ireland, under an availability-based payment regime. The 'BB' long-term insured debt rating on the index-linked senior secured bonds and on the European Investment Bank (EIB; AAA/Stable/A-1+) senior secured bank loan issued by U.K.-based special-purpose vehicle Amey Lagan Roads Financial PLC reflects a composite of credit factors outlined below. The debt benefits from an unconditional and irrevocable payment guarantee of scheduled interest and principal provided by Ambac Assurance U.K. Ltd. (Ambac; not rated). Under Standard & Poor's Ratings Services' criteria, the rating on a monoline-insured debt issue reflects the higher...
Companies mentioned in this report are: Amey Lagan Roads Financial PLC
Amey Lagan Roads Financial PLC