We forecast a significant improvement in the financial profile of the U.K.-based private finance initiative project Exchequer Partnership (No.2) PLC (EP2 or ProjectCo) from 2015 onward. We forecast that EP2's annual debt service coverage ratio will increase to above 1.36x, remaining high until the end of the concession, and that the project will continue delivering stable operations, as it has done since 2004. We are therefore revising our outlook on Standard&Poor's underlying rating (SPUR) on the bonds to positive from stable and affirming our 'A-' SPUR on the project. The positive outlook reflects our expectations of an improved financial risk profile and continued stable operational performance. On May 28, 2014, Standard&Poor's Ratings Services revised the outlook
