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Green Timbers L.P. May 11
Standard & Poors, May 2011
Abstract
Green Timbers L.P. (ProjectCo) has received a mandate from Public Works and Government Services Canada (PWGSC) to design, build, finance, and operate the new Royal Canadian Mounted Police (RCMP) E divisional headquarters in Surrey, B.C. The project's tenor is approximately 28 years, consisting of a 32-month construction and 25-year operating period. The 'A-' issue-level rating on Green Timbers' C$181.9 million of amortizing senior secured bonds, due June 30, 2037, broadly reflects Standard & Poor's Ratings Services' assessment of the following factors: A strong rationale for the project, since the new headquarters will consolidate several existing facilities in the greater Vancouver area (GVA); A solid project team, including Bouygues Building Canada Inc. (BBCI) and Bird Design-Build Construction Inc. (through an unincorporated...
Companies mentioned in this report are: Green Timbers Limited Partnership
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
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