Transaction Update: Integrated Accommodation Services PLC Dec 05
Standard & Poors, December 2005
Abstract
The 'AAA' insured rating on the -406.85 million ($719.92 million) senior secured bonds, due 2029, issued by the U.K.-based special-purpose company Integrated Accommodation Services PLC (IAS) reflects the unconditional and irrevocable guarantee of payment of scheduled interest and principal on the bonds provided by Financial Security Assurance (U.K.) Ltd. (FSA; local currency AAA/Stable/--). The 'A' underlying rating represents a composite of credit factors (see further down in this section). The outlook on the underlying rating is stable. Under a private finance initiative (PFI), IAS is financing the design, construction, and operation of the new accommodation facilities for the Government Communications Headquarters (GCHQ, the British intelligence agency) on behalf of the U.K. Secretary of State, for the Foreign and Commonwealth Office....
Companies mentioned in this report are: Assured Guaranty (Europe) Ltd.,Integrated Accommodation Services 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.
Assured Guaranty (Europe) Ltd.,Integrated Accommodation Services PLC
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