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 30, 2024
3 pages (1645 words) — Published Oct 30, 2024
Price US$ 150.00  |  Buy this Report Now

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Abstract:

STOCKHOLM (S&P Global Ratings) Oct. 30, 2024--S&P Global Ratings today affirmed its 'AA' issue rating on the £195.2 million senior secured notes issued by City Property Glasgow (Operations SL) Ltd. (City Property Ltd.) maturing in 2048, and the 'AA' issue rating on the £210 million senior secured notes issued by City Property Glasgow (SL Operations 3) Ltd. (City Property 3 Ltd.) maturing in 2052. Our ratings on the debt issued by City Property Ltd. reflect the unconditional and irrevocable guarantee provided by Assured Guaranty UK limited (AA/Stable/--) and Assured Guaranty Inc. (AG) (AA/Stable/--) (AG assumed the guarantee obligations from Assured Guaranty Municipal Corp. in August 2024 as a result of a merger) of payment of scheduled interest and principal on

  
Brief Excerpt:

...October 30, 2024 STOCKHOLM (S&P Global Ratings) Oct. 30, 2024--S&P Global Ratings today affirmed its '##' issue rating on the ú195.2 million senior secured notes issued by City Property Glasgow (Operations SL) Ltd. (City Property Ltd.) maturing in 2048, and the '##' issue rating on the ú210 million senior secured notes issued by City Property Glasgow (SL Operations 3) Ltd. (City Property 3 Ltd.) maturing in 2052. Our ratings on the debt issued by City Property Ltd. reflect the unconditional and irrevocable guarantee provided by Assured Guaranty UK limited (##/Stable/--) and Assured Guaranty Inc. (AG) (##/Stable/--) (AG assumed the guarantee obligations from Assured Guaranty Municipal Corp. in August 2024 as a result of a merger) 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...

  
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 30, 2024. 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-3276480>
  
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 30, 2024. 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-3276480>
  
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