Standard & Poor's Ratings Services has assigned credit ratings to the £857.645 million fixed- and floating-rate and floating-rate deferrable interest asset-backed notes (second tap issuance and refinancing) issued by Telereal Securitisation PLC (Telereal). The £6,634.47 million zero-coupon notes are not rated. In the original £1.8 billion transaction, which closed in 2001, the borrower used the proceeds to fund the acquisition of long leasehold interests on 5,665 specialized British Telecommunications PLC (BT) properties. Most of these were telephone exchanges housing BT's fixed-line network across the U.K. The long leaseholds benefit from underleases back to BT. The rents payable by BT and Autumnwindow No. 2 Ltd. (together known as the "BT tenant") under the underleases are used to fund the payment of...
Companies mentioned in this report are:
- Telereal Securitisation PLC
- British Telecommunications PLC
- Citibank N.A.
- Lloyds Bank PLC
- Ambac Assurance U.K. Ltd.
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: Full Analysis