• +353-1-416-8900(GMT OFFICE HOURS)
  • 1-800-526-8630(US/CAN TOLL FREE)
  • 1-917-300-0470(EST OFFICE HOURS)
Transaction Update: Highway Management (City) Finance PLC Mar 08 Product Image

Transaction Update: Highway Management (City) Finance PLC Mar 08

  • ID: 1858145
  • March 2008
  • Standard & Poors

Abstract
-61.7 million senior secured index linked bonds, due 2036 -61.4 million senior secured index linked EIB loan, due 2034 AAA BBB/Stable 2 -Guaranteed by Financial Security Assurance (U.K.) Ltd. (AAA/Stable/--) The insured 'AAA' rating on the debt issued by the 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. (FSA; AAA/Stable/--). The Standard & Poor's underlying rating (SPUR) on the debt is 'BBB', with a stable outlook. The recovery rating on the debt is '2', indicating our expectation of substantial recovery of principal in the event of payment default without the financial guarantee. The funds are being used to finance...

Companies mentioned in this report are: Ireland (Republic of),Assured Guaranty (Europe) Ltd.,Highway Management (City) Finance PLC

Standard and Poors RatingsXpress Credit Research provides in-depth coverage of international corporates, financial institutions, insurance companies, utilities, sovereigns and structured finance programs. RatingsXpress READ MORE >

Ireland (Republic of),Assured Guaranty (Europe) Ltd.,Highway Management (City) Finance PLC

Note: Product cover images may vary from those shown

RELATED PRODUCTS