Ratings Affirmed In Mitchells & Butlers Finance's Pub Corporate Securitization Dec 08
Standard & Poors, December 2008
Abstract
LONDON (Standard & Poor's) Dec. 18, 2008-Standard & Poor's Ratings Services today affirmed its ratings on the notes issued by Mitchells & Butlers Finance PLC (MAB) following its review of the transaction in light of the full year results to Sept. 27, 2008 (see list below). MAB is a corporate securitization that originally closed on Nov. 13, 2003. The first tap issuance was successfully executed in September 2006. The proceeds from the new notes (-1.105 billion) were mainly used to redeem the outstanding floating-rate notes, to make a payment to MAB to fund an acquisition of pubs from Whitbread, and to make a one-off dividend distribution. The transaction is backed by the future cash flows generated by the operating assets...
Companies mentioned in this report are: Mitchells & Butlers Finance PLC
Action: Affirmed
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: News
This product is a is a brief one-page announcement of no more than 500 words with a quote from the analyst. It is media and investor focused with no accompanying commentary article.
Mitchells & Butlers Finance PLC
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