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
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