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Research Update: Metronet Rail BCV Finance PLC Jan 03 Product Image

Research Update: Metronet Rail BCV Finance PLC Jan 03

  • Published: January 2003
  • Standard & Poors

Abstract
On Jan. 27, 2003, Standard & Poor's Ratings Services assigned the following debt ratings to U.K.-based London Underground infrastructure company Metronet Rail BCV Finance PLC's (Metronet BCV) -1,310 million ($2,125 million) debt facilities: -- A preliminary 'BBB+' senior secured debt rating to -810 million in various bank facilities of between eight and 27 years; -- A preliminary 'AAA' insured debt rating to -500 million bonds. These consist of 29-year -350 million fixed-rate bonds, guaranteed by Ambac Assurance U.K. Ltd. (Ambac; AAA/Stable/--), and -150 million index-linked bonds, guaranteed by Financial Security Assurance (U.K). Ltd. (FSA; AAA/Stable/--); and -- An underlying 'BBB+' senior secured debt rating to the -500 million bonds. The outlook on the 'BBB+' preliminary and underlying ratings is stable....

Companies mentioned in this report are: Metronet Rail BCV Finance PLC,Bombardier Inc.,RWE Thames Water PLC,UK Power Networks Services (South East) Ltd,Assured Guaranty (Europe) Ltd.,Ambac Assurance U.K. Ltd.
Action: Review

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Metronet Rail BCV Finance PLC,Bombardier Inc.,RWE Thames Water PLC,UK Power Networks Services (South East) Ltd,Assured Guaranty (Europe) Ltd.,Ambac Assurance U.K. Ltd.

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