The insured 'AAA/Negative' long-term debt rating on the £166 million senior secured bonds due 2036 issued by U.K.-based special-purpose vehicle Exchequer Partnership (No. 2) PLC (EP2) reflects the unconditional and irrevocable guarantee provided by Financial Security Assurance (U.K.) Ltd. (AAA/Negative/--) of payment of scheduled interest and principal on the bonds. The underlying rating is 'BBB+'. Under a U.K. government private finance initiative (PFI), EP2 used the bond proceeds to refurbish about one-half of the Grade II listed government offices on Great George Street in the Whitehall area of London, which is currently occupied by HM Revenue&Customs (HMRC). EP2 completed the refurbishment works in November 2004, and since then, has provided a full suite of soft and hard facilities
