On Dec. 23, 2005, Standard & Poor's Ratings Services affirmed its 'AAA' long-term insured debt rating and its 'A' long-term underlying debt rating on the ú406.85 million ($719.92 million) senior secured bonds, due 2029, issued by the U.K.-based special-purpose company Integrated Accommodation Services PLC (IAS). 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. (FSA; local currency AAA/Stable/--). The 'A' underlying rating represents a composite of credit factors (detailed below). The outlook on the underlying rating is stable. Under a private finance initiative (PFI), IAS is financing the design, construction, and operation of the new accommodation facilities for the Government Communications Headquarters (GCHQ,
