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Preliminary Ratings Assigned in Mitchells & Butlers' U.K. Pub Securitization Oct 03
Standard & Poors, October 2003
LONDON (Standard & Poor's) Oct. 9, 2003--Standard & Poor's Ratings Services said today it assigned its preliminary credit ratings to the -1.9 billion fixed- and floating-rate asset-backed notes to be issued by Mitchells & Butlers Finance PLC, an SPE (see list below). The notes are backed by a loan to Mitchells & Butlers Retail Ltd. (MAB) secured by first-fixed and first-floating charges on the freehold and leasehold interests in public houses (pubs) and a first-floating charge over other assets and undertakings of the issuer. MAB was formed in April 2003 as a result of the demerger of the hotel and pub business of Six Continents PLC (formerly part of Bass PLC). MAB is the first of the large managed estates...
Companies mentioned in this report are: Mitchells & Butlers Finance PLC
Action: New Rating
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
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Mitchells & Butlers Finance PLC