Research Update: U.K.-Based UPP's Proposed Issue Of GBP150.4 Mil. Index-Linked Debt Assigned 'A-' Rating; Outlook Stable - S&P Global Ratings’ Credit Research

Research Update: U.K.-Based UPP's Proposed Issue Of GBP150.4 Mil. Index-Linked Debt Assigned 'A-' Rating; Outlook Stable

Research Update: U.K.-Based UPP's Proposed Issue Of GBP150.4 Mil. Index-Linked Debt Assigned 'A-' Rating; Outlook Stable - S&P Global Ratings’ Credit Research
Research Update: U.K.-Based UPP's Proposed Issue Of GBP150.4 Mil. Index-Linked Debt Assigned 'A-' Rating; Outlook Stable
Published Dec 02, 2014
Published Dec 02, 2014
Price US$ 225.00  |  Buy this Report Now

About This Report

  
Abstract:

U.K.-based special-purpose entity (SPE) UPP Bond 1 Issuer PLC (the issuer) is proposing an issuance of £150.4 million index-linked debt (class A3 notes) under its £5 billion program (A-/Stable). We are assigning our 'A-' issue credit rating to the proposed issue. We do not anticipate the program's credit risk profile, nor the rating on the existing notes, to change as a result of the proposed notes issuance. We understand that the issuer will on-lend the proceeds to refinance existing liabilities at UPP (Exeter) Ltd. (AssetCo), an SPE, currently operating student accommodation for the University of Exeter under a long-term concession agreement. The new AssetCo will be added to the existing ring-fenced security group which comprises six SPEs (the "AssetCos"), which

  
Report Type:

Research Update

Issuer
UPP Bond 1 Issuer PLC
Sector
Global Issuers
Country
United Kingdom
Region
Europe, Middle East, Africa
Format:
PDF Adobe Acrobat
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Cite this Report

  
MLA:
S&P Global Ratings’ Credit Research. "Research Update: U.K.-Based UPP's Proposed Issue Of GBP150.4 Mil. Index-Linked Debt Assigned 'A-' Rating; Outlook Stable" Dec 02, 2014. Alacra Store. May 14, 2025. <http://www.alacrastore.com/s-and-p-credit-research/Research-Update-U-K-Based-UPP-s-Proposed-Issue-Of-GBP150-4-Mil-Index-Linked-Debt-Assigned-A-Rating-Outlook-Stable-1372487>
  
APA:
S&P Global Ratings’ Credit Research. (). Research Update: U.K.-Based UPP's Proposed Issue Of GBP150.4 Mil. Index-Linked Debt Assigned 'A-' Rating; Outlook Stable Dec 02, 2014. New York, NY: Alacra Store. Retrieved May 14, 2025 from <http://www.alacrastore.com/s-and-p-credit-research/Research-Update-U-K-Based-UPP-s-Proposed-Issue-Of-GBP150-4-Mil-Index-Linked-Debt-Assigned-A-Rating-Outlook-Stable-1372487>
  
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