City Property Glasgow (Operations SL) And City Property Glasgow (SL Operations 3) Senior Secured Bonds

This report does not constitute a rating action. Our ?AA? ratings on the debt issued by City Property Ltd. and City Property 3 Ltd. reflect the unconditional and irrevocable guarantee provided by Assured Guaranty Inc. and Assured Guaranty UK Limited (AG) (AA/Stable/--) of payment of scheduled interest and principal on the notes. To resolve a portion of a large equal-pay litigation, Glasgow City Council (GCC) raised senior debt of £195.2 million in 2019 and £209.987 million in 2023 through sale and leaseback arrangements with special-purpose vehicles. The arrangement set up in 2019 was: City Property Glasgow (Operations SL1) LLP (City Property LLP), which acquired five of Glasgow's important real estate assets: Riverside Museum, Royal Concert Hall, Tollcross International Swimming Centre,

...Ratings Detail *Unless otherwise noted, all ratings in this report are global scale ratings. S&P Global Ratings' credit ratings on the global scale are comparable across countries. S&P Global Ratings' credit ratings on a national scale are relative to obligors or obligations within that specific country. Issue and debt ratings could include debt guaranteed by another entity, and rated debt that an entity guarantees....

Full Report