Rating Assigned To BAA Funding's Corporate Securitisation ?600 Million Class B2 Notes Due 2024 Feb 12
Standard & Poors, February 2012
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: BAA 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 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: News
This product is a is a brief one-page announcement of no more than 500 words with a quote from the analyst. It is media and investor focused with no accompanying commentary article.
BAA Funding Ltd.
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