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Transaction Update: Transform Schools (North Lanarkshire) Funding PLC Dec 11
Standard & Poors, December 2011
Transform Schools (North Lanarkshire) Funding PLC is a special-purpose vehicle that onlent bond and loan proceeds to Transform Schools (North Lanarkshire) Ltd. (ProjectCo) to finance the design and construction of 17 new facilities for 24 schools for North Lanarkshire Council in Scotland. Following the completion of construction, ProjectCo, via its subcontractor Balfour Beatty Workplace Ltd. (BBW), is providing hard and limited soft facilities maintenance (FM) services for the 32-year project agreement, which expires in 2037. The long-term 'BBB-' ratings on the debt issued by U.K.-based special purpose vehicle Transform Schools (North Lanarkshire) Funding PLC and onlent to Transform Schools (North Lanarkshire) Ltd. (ProjectCo) reflect a composite of credit factors outlined below. The debt comprises -88.7 million index-linked senior secured bonds...
Companies mentioned in this report are: Transform Schools (North Lanarkshire) Funding 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
Transform Schools (North Lanarkshire) Funding PLC