Our 'AA' rating on the senior secured bonds due 2036 issued by U.K.-based special-purpose vehicle Exchequer Partnership (No. 2) PLC (ProjectCo) is unchanged. The rating reflects the unconditional and irrevocable guarantee provided by Assured Guaranty (Europe) Ltd. We are lowering the Standard&Poor's underlying rating (SPUR) on ProjectCo's bonds to 'BBB+' from 'A-'. The SPUR is the lower of ProjectCo's stand-alone credit rating and our ratings on the account bank, National Westminster Bank PLC (NatWest; BBB+/Positive/A-2). The positive outlook on the SPUR reflects that on NatWest and our view that ProjectCo continues to deliver strong operational and financial performance. It also signifies that a change of the account bank is at an advanced stage and expected to be completed
