Standard&Poor's Ratings Services' 'BBB-' long-term rating on the £192.65 million index-linked senior secured bonds (including £30 million of variation bonds) due 2043, issued by ProjectCo, reflects a composite of credit factors, as detailed below. The bonds retain an unconditional and irrevocable guarantee provided by Ambac Assurance U.K. Ltd. (not rated) of payment of scheduled interest and principal on the bonds. According to our criteria, the rating on a monoline-insured debt issue reflects the higher of the ratings on the monoline insurer and the Standard&Poor's Underlying Rating (SPUR). The long-term ratings on the bonds therefore reflect the SPUR. The underlying 'BBB-' rating takes into account the following risks: ProjectCo has subcontracted lifecycle risk in full to Mid
