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Rating Assigned To BAA Funding's Corporate Securitisation £600 Million Class B2 Notes Due 2024 Feb 12 Product Image

Rating Assigned To BAA Funding's Corporate Securitisation £600 Million Class B2 Notes Due 2024 Feb 12

  • Published: February 2012
  • Standard & Poors

Abstract
OVERVIEW We have assigned a 'BBB' rating to BAA Funding's £600 million class B2 notes. BAA Funding will use the proceeds from the issuance to refinance part of its existing debt. This is a corporate securitization transaction that provides first-ranking security over the securitized assets that include Heathrow and Stansted airports and the Heathrow Express rail link. STOCKHOLM (Standard & Poor's) Feb. 14, 2012--Standard & Poor's Ratings Services today assigned its 'BBB' credit rating to BAA Funding Ltd.'s £600 million class B2 fixed-rate note issuance under the issuer's £50 billion multicurrency program. The outlook is stable. The £600 million notes have an annual coupon of 7.125% and a legal final maturity of 2024. BAA Funding is designed to consolidate debt...

Companies mentioned in this report are:
- Heathrow Funding 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 READ MORE >

- Heathrow Funding Ltd.

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