...Predominantly Negative Prospects: The main UK whole business securitisation (WBS) sectors, pubs and care homes/hospitals, will still struggle in the latter stages of 2014 due to the stretched spending power of UK consumers (with a continuing decline in real income) and public spending constraints (mainly affecting healthcare funding). However, the sector outlook for managed and hybrid pub transactions has stabilised. The outlooks for other sectors (e.g. telecom, leisure parks and funeral services) remain mainly stable. Tied UK Pub Code Progressing: The potential impact of the Bill presented to Parliament is still unclear but it may be credit negative for some pubco WBS transactions, at least in the short to medium term. However, over the longer term the code could improve the stability of the business model. Positive Healthcare Regulatory Changes: Fitch Ratings expect the Care Act 2014 to have a moderately positive impact, with additional power granted to the Care Quality Commission (CQC)....
