City Property Glasgow (Operations SL) And City Property Glasgow (SL Operations 3) Senior Secured Bonds Affirmed At 'AA' - S&P Global Ratings’ Credit Research

City Property Glasgow (Operations SL) And City Property Glasgow (SL Operations 3) Senior Secured Bonds Affirmed At 'AA'

City Property Glasgow (Operations SL) And City Property Glasgow (SL Operations 3) Senior Secured Bonds Affirmed At 'AA' - S&P Global Ratings’ Credit Research
City Property Glasgow (Operations SL) And City Property Glasgow (SL Operations 3) Senior Secured Bonds Affirmed At 'AA'
Published Oct 19, 2023
3 pages (1601 words) — Published Oct 19, 2023
Price US$ 150.00  |  Buy this Report Now

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Abstract:

STOCKHOLM (S&P Global Ratings) Oct. 19, 2023--S&P Global Ratings today affirmed its insured 'AA' issue rating on the £195.2 million senior secured notes maturing in 2048 issued by City Property Glasgow (Operations SL) Ltd. (City Property Ltd.), and the insured 'AA' issue rating on the £209,987,000 senior secured notes maturing in 2052 issued by City Property Glasgow (SL Operations 3) Ltd. (City Property 3 Ltd.). Our ratings on the debt issued by City Property Ltd. reflect the unconditional and irrevocable guarantee provided by Assured Guaranty (Europe) SA (AA/Stable/--) and Assured Guaranty Municipal Corp. (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

  
Brief Excerpt:

...October 19, 2023 STOCKHOLM (S&P Global Ratings) Oct. 19, 2023--S&P Global Ratings today affirmed its insured '##' issue rating on the ú195.2 million senior secured notes maturing in 2048 issued by City Property Glasgow (Operations SL) Ltd. (City Property Ltd.), and the insured '##' issue rating on the ú209,987,000 senior secured notes maturing in 2052 issued by City Property Glasgow (SL Operations 3) Ltd. (City Property 3 Ltd.). Our ratings on the debt issued by City Property Ltd. reflect the unconditional and irrevocable guarantee provided by Assured Guaranty (Europe) SA (##/Stable/--) and Assured Guaranty Municipal Corp. (##/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 ú195.2 million in 2019 through a sale and leaseback arrangement with the following two special-purpose vehicles: - City Property Glasgow (Operations SL1) LLP (City Property LLP), which acquired...

  
Report Type:

Ratings Action

Issuer
City Property Glasgow (Operations SL) Ltd.
Sector
Global Issuers
Country
United Kingdom
Region
Europe, Middle East, Africa
Format:
PDF Adobe Acrobat
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MLA:
S&P Global Ratings’ Credit Research. "City Property Glasgow (Operations SL) And City Property Glasgow (SL Operations 3) Senior Secured Bonds Affirmed At 'AA'" Oct 19, 2023. Alacra Store. Nov 07, 2026. <http://www.alacrastore.com/s-and-p-credit-research/City-Property-Glasgow-Operations-SL-And-City-Property-Glasgow-SL-Operations-3-Senior-Secured-Bonds-Affirmed-At-AA-3073001>
  
APA:
S&P Global Ratings’ Credit Research. (). City Property Glasgow (Operations SL) And City Property Glasgow (SL Operations 3) Senior Secured Bonds Affirmed At 'AA' Oct 19, 2023. New York, NY: Alacra Store. Retrieved Nov 07, 2026 from <http://www.alacrastore.com/s-and-p-credit-research/City-Property-Glasgow-Operations-SL-And-City-Property-Glasgow-SL-Operations-3-Senior-Secured-Bonds-Affirmed-At-AA-3073001>
  
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