The insured 'A' rating on the £192.65 million in senior secured bonds (including £30 million of variation bonds yet to be issued) due 2043 of U.K.-based special purpose vehicle BY Chelmer PLC (ProjectCo) reflects the unconditional and irrevocable payment guarantee provided by Ambac Assurance U.K. Ltd. (local currency A/Negative/--) of payment of scheduled interest and principal. The underlying 'BBB' rating on the debt reflects a combination of factors outlined below. ProjectCo is using the funds to finance the design, construction, and maintenance of new health care facilities for the Mid Essex Hospital Services National Health Service (NHS) Trust under a 35-year project agreement. The facilities comprise a five-story new-build hospital connected to the existing hospital and a new multi-story car
