On Nov. 1, 2004, Standard & Poor's Ratings Services assigned its 'AAA' rating to the proposed £20 billion ($36 billion) multicurrency note program to be established by U.K.-based special-purpose company Network Rail Infrastructure Finance PLC (the issuer). The rating is based on the financial indemnity provided by the Strategic Rail Authority (SRA; AAA/Stable/A-1+) or its substitute and its ability to meet its contractual obligations in a timely manner in all circumstances. The rating on the program reflects the rating on the SRA and the terms of the financial indemnity, which: covers all note payments and the contractual terms of the program; and require the administrator (or the security trustee) to make drawings under the indemnity if amounts due and payable...
Companies mentioned in this report are:
- Network Rail Infrastructure Finance PLC
- Strategic Rail Authority
Action: New Rating
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Product Type: Research Update
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