U.K.-based Integrated Accommodation Services continues to successfully operate and maintain accommodation facilities at the U.K. intelligence agency headquarters. Despite high occupancy levels, the facility management service providers continue to deliver a high-level of performance, in line with our expectations. The project is extremely robust under our downside scenario and maintains a strong financial profile, with the minimum senior annual debt service coverage ratio (ADSCR) under our base case strengthening to 1.20x. We are therefore affirming the Standard&Poor's underlying rating (SPUR) on IAS' senior secured debt at 'A'. The stable outlook reflects our view that the project will continue to deliver a strong operational performance and maintain an ADSCR above 1.20x. On Feb. 24, 2016, Standard&Poor's Ratings
