...The ratings reflect the group's strong business profile, built on deep and long-standing relationships with the UK and US governments. Relatively weak recent cash flows for the sector limit the upside potential of the rating, although they are expected to improve in the short to medium term. In addition, de-leveraging capacity remains constrained as a result of shareholder distributions and pension contributions. An improving end-market outlook, particularly in the US, has reduced downside risk to the rating....