United Kingdom http://www.alacrastore.com/country-snapshot/United Kingdom Thursday, July 24, 2008 4:06:49 PM en AlacraStore RSS Builder 1.0 30 http://www.alacrastore.com/storecontent/spcred/661389spcred/661389normThe latest Summary from S&Pglobal7/24/2008 3:40:06 PM175Summary661389United KingdomHealth Care FacilitiesEurope, Middle East, AfricaGlobal IssuersUtilitiesSummaryThe 'AAA' long-term insured ratings on the £125 million European Investment Bank index-linked guaranteed senior secured bank loan due 2041 and on the £510.2 million guaranteed senior secured bond issue (including £137.5 million of variation bonds) due 2046 reflect the unconditional and irrevocable payment guarantee of scheduled interest and principal provided by Financial Security Assurance (U.K.) Ltd. (FSA; local currency AAA/Stable/--). The 'AA' long-term insured ratings on the £125 million European Investment Bank index-linked guaranteed senior secured bank loan due 2041 and on the £510.2 million guaranteed senior secured bond issue (including £137.5 million of variation bonds) due 2046 reflect the unconditional and irrevocable payment guarantee of scheduled interest and principal provided by Ambac Assurance U.K. Ltd. (local currency AA/WatchGBR35102020 351020 3510 35Capital Hospitals (Issuer) PLC395758EUROMIDAFRSUMMARYGLOBISSUTILCredit & Investment ResearchS&P Credit Researchhttp://www.alacrastore.com/storecontent/spcred/661359spcred/661359normThe latest News from S&Pstructured7/24/2008 3:40:04 PM100News661359Channel IslandsEurope, Middle East, AfricaStructured FinanceAsset-Backed SecuritiesNewsNEW YORK (Standard&Poor's) July 24, 2008--Standard&Poor's Ratings Services today assigned its 'BBB' rating to Emblem Finance Co. No. 2 Ltd.'s Chilean Peso (CLP) 20,833,442,750 inflation-adjusted notes series 3. The notes are payable in U.S. dollars (USD) and are credit-linked to Cemex S.A.B. de C.V. (Cemex). The rating reflects: -- The credit quality of Cemex ('BBB' foreign currency issuer credit rating), the reference entity; -- The transaction structure, which takes the form of a swap in which credit events regarding certain financial obligations of Cemex would cause the transaction to terminate. The structure is consistent with Standard&Poor's legal criteria; -- The noteholders' credit exposure to the underlying collateral, peso-denominated and inflation-adjusted Chilean sovereign bonds, whichCHIEmblem Finance Co. No. 2 Ltd.395775EUROMIDAFRNEWSSTRUCABSCredit & Investment ResearchS&P Credit Researchhttp://www.alacrastore.com/storecontent/spcred/661263spcred/661263normThe latest News from S&Pglobalstructuredpubfin7/24/2008 8:28:13 AM100News661263United KingdomEurope, Middle East, AfricaStructured FinanceCommercial MBSResidential MBSAsset-Backed Commercial PaperPublic FinanceReal Estate CompaniesGlobal IssuersAsset-Backed SecuritiesCorporationsFinancial InstitutionsCollateralized Debt ObligationsNewsLONDON (Standard&Poor's) July 24, 2008—Standard&Poor's Ratings Services said today that following its review of the commercial-mortgage backed securities (CMBS) transaction Epic (Barchester) PLC, there are no changes to the ratings on the notes. This transaction closed in November 2006 and features an operating company/property company (opco/propco) structure where the notes are backed by a single loan to Barchester Holdco Ltd. and onlent to Bluehood Ltd., a member of the U.K.-based Barchester Healthcare Group. The loan is secured on 160 properties owned or held on long leaseholds. The properties in turn are let to other group entities, which comprise virtually all of the group's EBITDA and assets, and whose rental payments provide the source of debt serviceGBREpic (Barchester) PLC407732EUROMIDAFRNEWSGBR78009R78009S78010J78010K78010XG7278WG76862G7688AG7688CG7688DG7688EG7688GG768BG40201020 402010 4020 40Royal Bank of Scotland PLC (The)104003ASIACANEMERGINGEUROMIDAFRLATAMERICAPACUSA2783Z@LNGLOBISSSTRUCPUBFINFICORPABSCDORECABCPCMBSRMBSCredit & Investment ResearchS&P Credit Researchhttp://www.alacrastore.com/storecontent/spcred/661262spcred/661262normThe latest Full Report from S&Pstructuredpubfinglobal7/24/2008 8:28:13 AM400Full Report661262United KingdomEurope, Middle East, AfricaStructured FinanceCommercial MBSResidential MBSAsset-Backed Commercial PaperPublic FinanceReal Estate CompaniesGlobal IssuersAsset-Backed SecuritiesCorporationsFinancial InstitutionsCollateralized Debt ObligationsFull ReportThis transaction update follows Standard&Poor's Ratings Services' recent review of the commercial-mortgage backed securities (CMBS) transaction, Epic (Barchester) PLC. This transaction closed in November 2006 and features an operating company/property company (opco/propco) structure where the notes are backed by a single loan to Barchester Holdco Ltd. and onlent to Bluehood Ltd., a member of the U.K.-based Barchester Healthcare Group. The loan is secured on 160 properties owned or held on long leaseholds. The properties in turn are let to other group entities, which comprise virtually all of the group's EBITDA and assets, and whose rental payments provide the source of debt service payments on the loan and ultimately the notes. The notes have a seven-year expected term, withGBREpic (Barchester) PLC407732EUROMIDAFRFULLTRANUPDGBR78009R78009S78010J78010K78010XG7278WG76862G7688AG7688CG7688DG7688EG7688GG768BG40201020 402010 4020 40Royal Bank of Scotland PLC (The)104003ASIACANEMERGINGEUROMIDAFRLATAMERICAPACUSA2783Z@LNSTRUCPUBFINGLOBISSFICORPABSCDORECABCPCMBSRMBSCredit & Investment ResearchS&P Credit Researchhttp://www.alacrastore.com/storecontent/spcred/661247spcred/661247normThe latest Summary from S&Pglobalstructured7/24/2008 8:28:13 AM175Summary661247United KingdomIntegrated Telecommunication ServicesEurope, Middle East, AfricaStructured FinanceCommercial MBSGlobal IssuersAsset-Backed SecuritiesTelecommunications & CableCorporationsCollateralized Debt ObligationsSummaryThe ratings on leading U.K. telecommunications provider BT Group PLC (BT) and wholly owned subsidiary British Telecommunications PLC are supported by the group's substantial market positions, strategic execution, and ongoing focus on operating efficiency, which underpin broadly sustainable free operating cash flow (FOCF) generation. BT has been able to sustain financial performance through its transformation strategy and growth in BT Global Services. These strengths are set against intense competitive pressures, including pricing and product convergence, as well as moderate margins. The ratings are also constrained by the group's lack of mobile network, which is a disadvantage compared with other larger former national incumbents, and higher leverage in the financial year to end-March 2008 due to the partial execution of BT'sGBR50101020 501010 5010 50BT Group PLC364769EUROMIDAFRBT/A@LNSUMMARYGBR11102111102A11102G11102H11102LG15820G1582K50101020 501010 5010 50British Telecommunications PLC100304ASIAEMERGINGEUROMIDAFRLATAMERICA58742Z@LNGLOBISSSTRUCCORPABSCDOCMBSTelecommunicationsCredit & Investment ResearchS&P Credit Researchhttp://www.alacrastore.com/storecontent/eiuftxml/WIS_WIS_MAIN_20080714T144900_0002eiuftxml/WIS_WIS_MAIN_20080714T144900_0002normCOUNTRY VIEW FROM THE ECONOMIST INTELLIGENCE UNIT OUTLOOK FOR ####-## DOMESTIC POLITICS: The governing Labour Party has dominated the political scene for more than a decade, but it is now looking bereft of ideas and direction and its...7/23/2008 7:42:43 PM15.00World Investment Data and ForecastsWIS_WIS_MAIN_20080714T144900_0002OutPol_EcWISUnited KingdomEIUEconomic Data & AnalysisEIU Country Analysishttp://www.alacrastore.com/storecontent/eiuftxml/VW_VW_MAIN_20080722T130100_0057eiuftxml/VW_VW_MAIN_20080722T130100_0057normCOUNTRY VIEW FROM THE ECONOMIST INTELLIGENCE UNIT Policy towards private enterprise and competition ####-##: Efforts to reduce regulatory burden on business. Continued scrutiny of market dominance of major supermarkets. ####-##: Measures...7/23/2008 7:42:43 PM34.00ViewsWireEIU Country AnalysisNewsVW_VW_MAIN_20080722T130100_0057BackgroundBusinessVWUnited KingdomEIUEconomic Data & AnalysisEIU Country Analysishttp://www.alacrastore.com/storecontent/eiuftxml/VW_VW_MAIN_20080722T130100_0056eiuftxml/VW_VW_MAIN_20080722T130100_0056normCOUNTRY VIEW FROM THE ECONOMIST INTELLIGENCE UNIT ...7/23/2008 7:42:42 PM34.00ViewsWireEIU Country AnalysisNewsVW_VW_MAIN_20080722T130100_0056Business environmentBusinessVWUnited KingdomEIUEconomic Data & AnalysisEIU Country Analysishttp://www.alacrastore.com/storecontent/eiuftxml/VW_VW_MAIN_20080722T130100_0058eiuftxml/VW_VW_MAIN_20080722T130100_0058normCOUNTRY BACKGROUND FROM THE ECONOMIST INTELLIGENCE UNIT Background: The end of the second world war saw the decline of the UK as an imperial power. Residual links with former colonial territories, close relations with the US and a separate...7/23/2008 7:42:41 PM34.00ViewsWireEIU Country AnalysisNewsVW_VW_MAIN_20080722T130100_0058BackgroundEconomyVWUnited KingdomEIUEconomic Data & AnalysisEIU Country Analysishttp://www.alacrastore.com/storecontent/eiuftxml/VW_VW_MAIN_20080722T130100_0020eiuftxml/VW_VW_MAIN_20080722T130100_0020normCOUNTRY BACKGROUND FROM THE ECONOMIST INTELLIGENCE UNIT ...7/23/2008 7:42:40 PM34.00ViewsWireEIU Country AnalysisNewsVW_VW_MAIN_20080722T130100_0020Latest indicatorsEconomyVWUnited KingdomEIUEconomic Data & AnalysisEIU Country Analysishttp://www.alacrastore.com/storecontent/eiuftxml/VW_VW_MAIN_20080722T130100_0060eiuftxml/VW_VW_MAIN_20080722T130100_0060normCOUNTRY VIEW FROM THE ECONOMIST INTELLIGENCE UNIT Sources for global and domestic data are for historical data; unless otherwise stated, the source for all forecast data is the Economist Intelligence Unit Global data US and OECD growth:...7/23/2008 7:42:40 PM34.00ViewsWireEIU Country AnalysisNewsVW_VW_MAIN_20080722T130100_00605-year forecastEconomyVWUnited KingdomEIUEconomic Data & AnalysisEIU Country Analysishttp://www.alacrastore.com/storecontent/eiuftxml/VW_VW_MAIN_20080722T130100_0059eiuftxml/VW_VW_MAIN_20080722T130100_0059normCOUNTRY VIEW FROM THE ECONOMIST INTELLIGENCE UNIT ...7/23/2008 7:42:39 PM34.00ViewsWireEIU Country AnalysisNewsVW_VW_MAIN_20080722T130100_00595-year summaryEconomyVWUnited KingdomEIUEconomic Data & AnalysisEIU Country Analysishttp://www.alacrastore.com/storecontent/eiuftxml/VW_VW_MAIN_20080722T130100_0017eiuftxml/VW_VW_MAIN_20080722T130100_0017normCOUNTRY BACKGROUND FROM THE ECONOMIST INTELLIGENCE UNIT ...7/23/2008 7:42:37 PM34.00ViewsWireEIU Country AnalysisNewsVW_VW_MAIN_20080722T130100_0017Economic structureEconomyVWUnited KingdomEIUEconomic Data & AnalysisEIU Country Analysishttp://www.alacrastore.com/storecontent/eiuftxml/IWTELE_IWTELE_MAIN_20080723T024000_0001eiuftxml/IWTELE_IWTELE_MAIN_20080723T024000_0001normFROM THE ECONOMIST INTELLIGENCE UNIT The UK incumbent has announced plans for a new high-speed network. But do they go far enough? 'Build it and they will come' is a familiar refrain among advocates of super-fast broadband. Give customers...7/23/2008 7:42:36 PM34.00Industry BriefingEIU Country AnalysisNewsIWTELE_IWTELE_MAIN_20080723T024000_0001News analysisIndustryBritish TelecomIWUnited KingdomInternetEIUEconomic Data & AnalysisEIU Country Analysishttp://www.alacrastore.com/storecontent/eiuftxml/VW_VW_MAIN_20080722T130100_0019eiuftxml/VW_VW_MAIN_20080722T130100_0019normCOUNTRY BACKGROUND FROM THE ECONOMIST INTELLIGENCE UNIT Official name United Kingdom of Great Britain and Northern Ireland Form of state Parliamentary monarchy Legal system Based on statute and common law; no written constitution; Scotland...7/23/2008 7:42:33 PM34.00ViewsWireEIU Country AnalysisNewsVW_VW_MAIN_20080722T130100_0019Political structurePoliticsVWUnited KingdomEIUEconomic Data & AnalysisEIU Country Analysishttp://www.alacrastore.com/storecontent/eiuftxml/VW_VW_MAIN_20080722T130100_0018eiuftxml/VW_VW_MAIN_20080722T130100_0018normCOUNTRY BRIEFING FROM THE ECONOMIST INTELLIGENCE UNIT Outlook for ####-## Monthly review ...7/23/2008 7:42:32 PM34.00ViewsWireEIU Country AnalysisNewsVW_VW_MAIN_20080722T130100_0018OutlookPoliticsVWUnited KingdomEIUEconomic Data & AnalysisEIU Country Analysishttp://www.alacrastore.com/storecontent/spcred/661073spcred/661073normThe latest News from S&Pglobalpubfin7/23/2008 1:06:41 PM100News661073United KingdomWireless Telecommunication ServicesAsiaEurope, Middle East, AfricaUnited StatesGlobal IssuersPublic FinanceCorporationsTelecommunications & CableNewsLONDON (Standard&Poor's) July 23, 2008--Standard&Poor's Ratings Services said today that its ratings and outlook on U.K.-based telecommunications provider Vodafone Group PLC (A-/Stable/A-2) are unchanged following the group's announcement that it plans to execute a share buyback to the value of £1 billion. The announcement comes in the wake of weaker European organic revenue development, particularly in Spain. While Vodafone's revenue guidance for financial 2009 is at the lower end of expectations, at £39.8 billion, profitability and cash flow guidance remains unchanged. Vodafone has chosen to reduce its rating headroom to accommodate the new share buyback, which moves the adjusted debt-to-EBITDA ratio for the year ended March 31, 2008, pro forma for the buyback, to 2.3x fromGBR92857W92857TG9388250102010 501020 5010 50Vodafone Group PLC336641ASIAEUROMIDAFRUSAVOD@LNNEWSGLOBISSPUBFINCORPTelecommunicationsCredit & Investment ResearchS&P Credit Researchhttp://www.alacrastore.com/storecontent/spcred/661039spcred/661039normThe latest News from S&Pstructured7/23/2008 1:06:39 PM100News661039Channel IslandsEurope, Middle East, AfricaStructured FinanceCollateralized Debt ObligationsNewsNEW YORK (Standard&Poor's) July 23, 2008--Standard&Poor's Ratings Services today affirmed its 'AA' rating on the senior notes issued by Phoenix Funding Ltd., a cash flow corporate investment-grade collateralized bond obligation (CBO) transaction, and removed it from CreditWatch negative, where it was placed on June 9, 2008 (see list). We had lowered the rating on these notes to 'AA' from 'AAA' and placed it on CreditWatch negative on June 9, 2008, in connection with the lowering of the financial strength rating on MBIA Insurance Corp. (MBIA) to 'AA/Watch Neg' from 'AAA'. Following a subsequent review of the transaction, we raised the Standard&Poor's underlying rating (or SPUR) on the tranche, which does not give benefit toCHIPhoenix Funding Ltd.349911EUROMIDAFRNEWSSTRUCCDOCredit & Investment ResearchS&P Credit Researchhttp://www.alacrastore.com/storecontent/spcred/473233spcred/473233normThe latest Full Report from S&Pstructured7/23/2008 2:48:13 AM400Full Report473233United KingdomEurope, Middle East, AfricaStructured FinanceResidential MBSFull ReportCredit ratings were assigned to the £306.9 million, $300 million, and €618.5 million mortgage-backed floating-rate notes issued by Residential Mortgage Securities 21 PLC. Excluding tap-issuances, this is Kensington Group's 21st securitization of its portfolio of mortgages, using a similar formula to earlier transactions. Kensington Group's principal business is originating residential mortgages, typically to borrowers who have financially recovered from incidents of credit problems, or who have self-certified income or a limited credit track record, and cannot obtain financing from banks and building societies. The notes are backed by a pool of first-ranking mortgages, secured over freehold and leasehold properties located in England, Wales, and Scotland, originated by various subsidiaries of Kensington Group. The weighted-average LTV ratio (WALTV ratio) is 75.78%GBR76112VResidential Mortgage Securities 21 PLC393061EUROMIDAFRFULLSTRUCRMBSCredit & Investment ResearchS&P Credit Researchhttp://www.alacrastore.com/storecontent/spcred/464352spcred/464352normThe latest News from S&Pstructured7/23/2008 2:48:12 AM100News464352United KingdomEurope, Middle East, AfricaStructured FinanceResidential MBSNewsLONDON (Standard&Poor's) Sept. 21, 2005—Standard&Poor's Ratings Services said today that it assigned its preliminary credit ratings to the £750 million (equivalent) mortgage-backed floating-rate notes to be issued by Residential Mortgage Securities 21 PLC (RMS 21), an SPE (see list below). The notes are backed by a pool of first-ranking mortgages secured over freehold and leasehold properties located in England, Wales, and Scotland, originated by various subsidiaries of Kensington Group. Kensington Group's principal business is originating residential mortgages, typically to borrowers who have financially recovered from incidents of credit problems, or who have self-certified income or a limited credit track record, and cannot obtain financing from the traditional banks and building societies. The weighted-average LTV ratio isGBR76112VResidential Mortgage Securities 21 PLC393061EUROMIDAFRNEWSSTRUCRMBSCredit & Investment ResearchS&P Credit Research