- Published: December 2011
- Region: Ireland
Transaction Update: Highway Management (City) Finance PLC Mar 08
- ID: 1858145
- March 2008
- Standard & Poors
-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 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: Commentary
Criteria articles describe the thought process and methodology Standard & Poor's analysts use in determining ratings. These commentary pieces discuss both the quantitative (economic and financial) and qualitative (business analysis and caliber of management) aspects of the analysis, as well as legal issues.
SHOW LESS READ MORE >
Ireland (Republic of),Assured Guaranty (Europe) Ltd.,Highway Management (City) Finance PLC