On Aug. 19, 2004, Standard & Poor's Ratings Services affirmed its 'AAA' insured and 'BBB' underlying senior secured debt ratings on the ú166 million ($262 million) bonds issued by Exchequer Partnership (No. 2) PLC (EP2), due 2036. The outlook is stable. The insured rating reflects the unconditional and irrevocable guarantee of payment of scheduled interest and principal on the bonds provided by Financial Security Assurance (U.K.) Ltd. (AAA/Stable/--). Under a U.K. government private finance initiative (PFI), the bond proceeds from EP2 are being used to refurbish about 50% of Grade II listed government offices in Great George Street (GOGGS). GOGGS is a historic building located very close the Houses of Parliament in London and other key government buildings. Its location
