Rating on West Coast Train Finance PLC Affirmed After Fourth Quarterly Review Feb 01

Standard & Poors, February 2001

Abstract
LONDON (Standard & Poor's CreditWire) Feb. 22, 2001--Standard & Poor's today affirmed its single-'A' senior secured debt rating on West Coast Train Finance PLC's (WCTF) £480 million (US$706 million) senior secured bonds due 2015. The rating on WCTF reflects the strength of a secured loan agreement with Angel Leasing Co. Ltd., the purchaser and lessor of the advanced tilting train (ATT) fleet to be used on Virgin Rail group's (Virgin) West Coast Mainline (WCML). The affirmation of the rating is based on Standard & Poor's continuing confidence that bondholders will be adequately protected in the event of contractual overrun in the delivery and acceptance of the fleet of 53 ATTs. The sponsor, Angel Trains Ltd. (a subsidiary of Royal Bank...

Companies mentioned in this report are:
- The Royal Bank of Scotland Group PLC
- Alcatel-Lucent
- Railtrack PLC
- Marconi PLC

Action: Affirmed

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: News
This product is a is a brief one-page announcement of no more than 500 words with a quote from the analyst. It is media and investor focused with no accompanying commentary article.

- The Royal Bank of Scotland Group PLC
- Alcatel-Lucent
- Railtrack PLC
- Marconi PLC

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