Under a 30-year project agreement structured as a private finance initiative (PFI), Integrated Accommodation Services PLC (ProjectCo) is financing the design, construction, and operation of new accommodation facilities for about 4,000 desk spaces at the Government Communications Headquarters (GCHQ) in Benhall, Cheltenham, on behalf of the Secretary of State for Foreign and Commonwealth Affairs (FCA). GCHQ is the U.K. intelligence agency that has a statutory responsibility to provide intelligence to U.K. government departments and military commands, and plays an essential role in supporting the U.K. government's security, defense, foreign, and economic policies. Standard&Poor's Ratings Services published its revised project finance ratings criteria on Sept. 16, 2014. The long-term insured 'AA' rating on the £406.85 million senior secured bonds
