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Bakethin Finance PLC ?248 Million Secured Bond Rated 'AAA' May 04
Standard & Poors, May 2004
Abstract
LONDON (Standard & Poor's) May 11, 2004--Standard & Poor's Ratings Services said today it assigned its 'AAA' long-term issue rating to the -248 million ($443 million) guaranteed secured bond, due 2034, to be issued by Bakethin Finance PLC. The outlook is stable. The rating reflects the irrevocable, unconditional, and timely guarantee of principal and interest payments from Financial Security Assurance (U.K.) Ltd. (FSA; AAA/Stable/--). The underlying credit quality of Bakethin Finance is linked to the potential requirement by Northumbrian Water Ltd. (NWL; BBB/Positive/--) to repurchase the bond obligations in certain situations, which directly links the credit quality of Bakethin Finance to that of NWL. Bakethin Finance is a special purpose debt issuance vehicle, which has been set up to issue...
Companies mentioned in this report are: Bakethin Finance PLC,Northumbrian Water Ltd.,Assured Guaranty (Europe) Ltd.
Action: New Rating
Action: Outlook: Stable
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.
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