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Network Rail Infrastructure Finance PLC Jul 09 Product Image

Network Rail Infrastructure Finance PLC Jul 09

  • ID: 1829321
  • July 2009
  • Standard & Poors

Abstract
£30 billion senior secured program 'AAA' £4 billion CP program 'A-1+' The 'AAA' long-term ratings on the £30 billion debt program and the 'A-1+' short-term rating on the £4 billion commercial paper (CP) program issued by Network Rail Infrastructure Finance PLC (NRIF) are based on credit support from the United Kingdom (AAA/Negative/A-1+) via the Secretary of State for Transport (SoST). The financial indemnity provided by the SoST is a direct sovereign obligation of the crown. It is unconditional, irrevocable, and unlimited. It is designed to ensure both timely repayment and unlimited recovery. Network Rail Ltd. (NRL) has adopted a financial structure whereby all debt is issued by a special-purpose vehicle (NRIF) and the proceeds are onlent to Network Rail Infrastructure...

Companies mentioned in this report are:
- Network Rail Infrastructure Finance PLC

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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- Network Rail Infrastructure Finance PLC

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Note: Product cover images may vary from those shown

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