Presale: BL Superstores Finance PLC Jan 06
Standard & Poors, January 2006
Abstract
Preliminary credit ratings have been assigned to the £750 million fixed- and floating-rate bonds to be issued by BL Superstores Finance PLC. This transaction refinances Werretown Supermarkets Securitisations PLC. The transaction reorders the priority of the classes, recoupons certain tranches, reprofiles the debt, and restructures the transaction using a straightforward secured-loan structure with enhanced liquidity. This structure achieves rating on all classes that is not expressly credit-linked to the ratings on J. Sainsbury PLC (BBB-/Negative/A-3), and extends the legal final maturity date to October 2030. Subordinated step-up coupons and prepayment are not addressed in the ratings. The quality of the underlying collateral is generally high, with most properties having unrestricted edge-of-town retail planning consents with an average Standard & Poor's...
Companies mentioned in this report are:
- The Royal Bank of Scotland PLC
- Morgan Stanley
- BL Superstores Finance 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: Full Analysis
- The Royal Bank of Scotland PLC
- Morgan Stanley
- BL Superstores Finance PLC
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