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Transaction Update: Walsall Hospital Co. PLC (The) Apr 10
Standard & Poors, April 2010
The long-term guaranteed 'AAA' debt rating on the -160.35 million index-linked senior secured bonds (including -15 million in variation bonds) due 2041, issued by U.K.-based special-purpose vehicle The Walsall Hospital Co. PLC (ProjectCo) reflects the unconditional and irrevocable payment guarantee provided by Assured Guaranty (Europe) Ltd. (AGE; AAA/Negative/--; formerly Financial Security Assurance U.K. Ltd.) of scheduled interest and principal on the bonds. The long-term underlying 'BBB-' debt rating on the bonds reflects a composite of credit factors outlined below. ProjectCo is using the proceeds of the bonds to finance the design, construction, and operation of health care facilities for The Walsall Hospitals National Health Service Trust (the Trust) under a 33-year project agreement ending 2041 as part of a U.K....
Companies mentioned in this report are: Walsall Hospital Co. PLC (The),Assured Guaranty (Europe) Ltd.
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: Full Analysis
Walsall Hospital Co. PLC (The),Assured Guaranty (Europe) Ltd.