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Research Update: Moyle Interconnector (Financing) PLC Mar 03 Product Image

Research Update: Moyle Interconnector (Financing) PLC Mar 03

  • ID: 1858211
  • March 2003
  • Standard & Poors

Abstract
On March 28, 2003, Standard & Poor's Ratings Services assigned its 'AAA' insured senior secured debt rating to Moyle Interconnector (Financing) PLC's (Moyle Financing) proposed issue of about -135 million ($213 million) bonds due 2033. The rating reflects the unconditional and irrevocable guarantee of payment of scheduled interest and principal by Financial Security Assurance (U.K.) Ltd. (FSA U.K.; AAA/Stable/--). The underlying rating on the bonds, which would apply in the absence of insurance coverage by FSA U.K., is 'A'. The outlook is stable. Final ratings will be issued on receipt and satisfactory review of all final transaction documentation, including legal opinions. The bulk of the proceeds of the bond issue will be on-lent to Moyle Interconnector Ltd. (Moyle), the owner...

Companies mentioned in this report are: Moyle Interconnector (Financing) 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 READ MORE >

Moyle Interconnector (Financing) PLC,Assured Guaranty (Europe) Ltd.

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