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Bulletin: Ratings Unchanged In Mitchells & Butlers Finance PLC Following Close Of Hedge Position Jan 08
Standard & Poors, Jan 2008
Abstract
LONDON (Standard & Poor's) Jan. 30, 2008-Standard & Poor's Ratings Services reiterated its view today that there will be no rating action on the outstanding notes of Mitchells & Butlers Finance PLC (the securitized estate) as a result of Mitchells & Butlers PLC unwinding its hedging position at a total cost of -274 million. The hedges were held outside the securitized estate and would not affect the transaction cash flows. Standard & Poor's also notes that it was announced that the finance director has tendered his resignation and will be replaced by the current deputy finance director. The underlying asset portfolio backing the notes has performed well since closing, showing an improvement in cash flow generation mainly due to the...
Companies mentioned in this report are: Mitchells & Butlers Finance PLC
Action: Bulletin
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.
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