We are withdrawing our rating on UPP Bond 1 Issuer PLC's £5 billion multicurrency issuance program. We had assigned this rating in error as our project finance framework methodology and project finance operations methodology cannot be applied to assign a rating to a security without a full set of terms and conditions, including a payment schedule. The ratings on the £307.1 million of senior secured fixed-rate notes due Feb. 28, 2040, the £75 million senior secured index-linked notes due Aug. 31, 2047, and the £149.7 million index-linked notes due Aug. 31, 2049 issued under that program are not affected by this withdrawal.
