- Published: October 2011
- Region: Great Britain, United Kingdom
Transaction Update: Mitchells & Butlers Finance PLC Dec 08
- Published: December 2008
- Standard & Poors
This transaction update follows Standard & Poor's Ratings Services' review of the Mitchells & Butlers Finance PLC (MAB) securitization in light of the full year results to Sept. 27, 2008. As a result of our review, we are affirming the ratings. 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 of the MAB securitized estate,...
Companies mentioned in this report are: Mitchells & Butlers Finance PLC
Action: No Rating Change
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
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Mitchells & Butlers Finance PLC