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Summary: Discovery Education PLC Mar 12
Standard & Poors, March 2012
The long-term 'BBB' rating on the -103.8 million senior secured index-linked bonds, including -17.0 million variation bonds, due 2037, issued by ProjectCo, reflects a composite of credit factors outlined below. The bonds retain an unconditional and irrevocable guarantee of payment of scheduled interest and principal provided by Ambac Assurance U.K. Ltd. (Ambac; not rated). Under Standard & Poor's Ratings Services' criteria, a rating on a monoline-insured debt issue reflects the higher of the rating on the monoline and Standard & Poor's underlying rating (SPUR). Therefore, the long-term debt rating on the bonds currently reflects the SPUR, which is higher than the rating on Ambac. The underlying 'BBB' rating reflects the following credit risks: ProjectCo remains exposed to capital replacement risk....
Companies mentioned in this report are: Discovery Education PLC
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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.
Discovery Education PLC