Remediation works at Exeter University started in the summer to rectify cladding and bathroom defects. Despite some initial delays, the bathroom pods are now being rectified according to monthly targets and we expect external works to hasten after the initial ramp-up phase. Remediation works have not affected student occupancy rates, with 100% of rooms nominated by the University of Exeter for the 2017/2018 academic year. We are therefore affirming our 'A-' ratings on the notes issued by UPP Bond 1 Issuer PLC, which has on-lent bond proceeds to a portfolio of seven ProjectCos, including Exeter. The stable outlook reflects our expectation that remediation works at Exeter will continue over the next three-to-four years as planned, with constructive relationships among the
