...November 4, 2019 LONDON (S&P Global Ratings) Nov. 4, 2019--S&P Global Ratings today assigned its '##' issue rating to the ú195,215,000 senior secured notes maturing in 2048 issued by City Property Glasgow (Operations SL) Ltd. The long-term insured '##' rating reflects the unconditional and irrevocable guarantee provided by Assured Guaranty (Europe) PLC (##/Stable/--) and Assured Guaranty Municipal Corp. (##/Stable/--) of payment of scheduled interest and principal on the notes. In order to resolve a portion of a large equal pay litigation, Glasgow City Council (GCC) raised capital income of ú195,215,000 through a sale and leaseback arrangement with two newly created special-purpose vehicles: - City Property Glasgow (Operations SL1) LLP, which is performing the long-term sale and leaseback transaction with GCC on some properties previously owned by GCC. GCC owns 99.999% of City Property (Operations SL1) LLP. GCC will make the lease payments associated with the transaction to City Property...
