ú406.850 Mil. senior secured bonds due 2029 AAA/Stable; underlying rating A/Stable Financial Security Assurance (U.K.) Ltd. AAA/Stable/-- Integrated Accommodation Services PLC (IAS) is financing the design and construction of the new Government Communications Headquarters (GCHQ) accommodation facilities for the U.K. Secretary of State for the Foreign and Commonwealth Office. IAS will also provide certain facilities management and maintenance services under a 30-year project agreement. As part of the due diligence process for annual surveillance of this transaction, Standard & Poor's has recently visited the site and met various stakeholders. The stable outlook reflects the significant progress made in the construction program to date and the improving relationship between GCHQ and IAS. A change in the rating could be warranted after
