Summary: NewHospitals (St. Helens and Knowsley) Finance PLC Feb 12

Standard & Poors, February 2012

Abstract
The -178.3 million index-linked guaranteed secured bonds (including -25.3 million of index-linked variation bonds) issued by U.K.-based special-purpose vehicle NewHospitals (St. Helens and Knowsley) Finance PLC (the Issuer) and the -149.2 million index-linked guaranteed senior secured European Investment Bank (AAA/Negative/A-1+) loan have insured ratings of 'AA-'. The insured ratings reflect the unconditional and irrevocable payment guarantee of scheduled interest and principal provided by Assured Guaranty (Europe) Ltd. (AA-/Stable/--). Standard & Poor's underlying rating (SPUR) on the bonds and the loan is 'BBB-', reflecting a composite of credit factors outlined below. The 'BBB-' underlying rating takes into account Standard & Poor's Ratings Services' view of the following credit risks: The service providers, Medirest (not rated) and Taylor Woodrow Construction Ltd. (TWCL;...

Companies mentioned in this report are: NewHospitals (St. Helens and Knowsley) Finance PLC
Action: Review

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.

This product consists of a Summary Analysis: Bi-annual (at least). An abbreviated analysis containing Standard & Poor's issuer credit ratings as of the time the article was published. The analysis includes a rating rationale - the basis on which the rating was assigned - and an outlook section if the issuer is not on CreditWatch. Financial statistics are not included.

NewHospitals (St. Helens and Knowsley) Finance PLC

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