...October 26, 2022 STOCKHOLM (S&P Global Ratings) Oct. 26, 2022--S&P Global Ratings today affirmed its insured '##' debt rating on the ú195.2 million senior secured notes maturing in 2048 issued by City Property Glasgow (Operations SL) Ltd. The debt ratings 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 through a sale-and-leaseback arrangement with two special-purpose vehicles: - City Property LLP, which acquired five of Glasgow's key real estate assets: Riverside Museum, Royal Concert Hall, Tollcross International Swimming Centre, Toryglen Football Centre, and Gorbals Leisure Centre. City Property LLP is 99.999% owned by GCC and 0.001% by City Property (Glasgow) LLP. City Property LLP entered a 32-year...
