Summary: Highway Management (City) Finance PLC Mar 09
Standard & Poors, March 2009
Abstract
Standard & Poor's Ratings Services' insured 'AAA' rating on the debt issued by Northern Ireland-registered special-purpose vehicle (SPV), Highway Management (City) Finance PLC, reflects the unconditional and irrevocable payment guarantee of scheduled interest and principal provided by Financial Security Assurance (U.K.) Ltd. (AAA/Watch Neg/--). The underlying rating on the debt is 'BBB', with a stable outlook. Highway Management (City) Finance has lent the proceeds of the debt issue to Highway Management (City) Ltd. (ProjectCo), an SPV and the key contracting entity. The funds are being used to finance the design, construction, operation, and maintenance of four complementary highway improvement schemes to the west of Belfast, in Northern Ireland. Together, these schemes represent the first of two design, build, finance, and...
Companies mentioned in this report are: Highway Management (City) Finance PLC,Assured Guaranty (Europe) Ltd.
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.
This product consists of a Summary Analysis: Bi-annual (at least). An abbreviated analysis containing Standard & Poor's issuer credit ratings as of the time the article was published. The analysis includes a rating rationale - the basis on which the rating was assigned - and an outlook section if the issuer is not on CreditWatch. Financial statistics are not included.
Highway Management (City) Finance PLC,Assured Guaranty (Europe) Ltd.
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