Research Update: Exchequer Partnership (No. 2) SPUR Outlook Revised To Stable From Negative After Similar Action On Bank of Scotland

On June 24, 2021, we revised our outlook on Bank of Scotland PLC, the bank account provider of Exchequer Partnership (No. 2) PLC (EP2), the operator of a U.K. government office building in London, to stable from negative. The 'A+' underlying rating (SPUR) on EP2's senior debt is at the same level as our rating on the bank, and we see a weak link between the SPUR and the rating on the account bank. We therefore revised our outlook to stable from negative and affirmed our 'A+' SPUR on EP2's senior debt. We affirmed our 'AA' long-term issue rating, with a stable outlook, on the debt, which benefits from an unconditional and irrevocable payment guarantee of scheduled interest and principal

...- On June 24, 2021, we revised our outlook on Bank of Scotland PLC, the bank account provider of Exchequer Partnership (No. 2) PLC (EP2), the operator of a U.K. government office building in London, to stable from negative. - The 'A+' underlying rating (SPUR) on EP2's senior debt is at the same level as our rating on the bank, and we see a weak link between the SPUR and the rating on the account bank. - We therefore revised our outlook to stable from negative and affirmed our 'A+' SPUR on EP2's senior debt. - We affirmed our '##' long-term issue rating, with a stable outlook, on the debt, which benefits from an unconditional and irrevocable payment guarantee of scheduled interest and principal from Assured Guaranty UK PLC (AGUK)....

Research Update