Operational performance by U.K.-based issuer Exchequer Partnership (No. 2) PLC (ProjectCo) continues to be strong, with no availability and very minimal performance deductions for 2014. The project's agreement with its account bank, National Westminster Bank PLC (NatWest), does not meet the replacement language required under our criteria and hence our rating on ProjectCo is weak-linked to that on the account bank, capping the Standard&Poor's underlying rating (SPUR) at the level of our rating on NatWest. Consequently, we are placing our SPUR on the debt issued by ProjectCo on CreditWatch negative to reflect the CreditWatch action on NatWest. We will consider removing the rating from CreditWatch if NatWest is either replaced as an account bank or if we resolve
