Summary: Keele Residential Funding PLC Apr 11

Standard & Poors, April 2011

Abstract
The long-term rating on the -137.5 million index-linked guaranteed secured bonds due July 2047, issued by the U.K.-based special-purpose vehicle (SPV) and project company Keele Residential Funding PLC (KRF), is 'AA+'. The rating reflects the unconditional and irrevocable payment guarantee of scheduled interest and principal provided by Assured Guaranty (Europe) Ltd. (AGE; AA+/Stable/--; formerly Financial Security Assurance (U.K.) Ltd. [FSA]). The Standard & Poor's underlying rating (SPUR) is 'A-', based on various credit strengths and weaknesses. The debt was issued as part of a transaction to refurbish and operate student accommodation on the campus of University of Keele (the University; not rated) in Staffordshire, England. We have undertaken an evaluation of the credit profile of the University as it is...

Companies mentioned in this report are: Keele Residential Funding 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.

Keele Residential Funding PLC,Assured Guaranty (Europe) Ltd.

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