Under the private finance initiative (PFI), Integrated Accommodation Services PLC (IAS) is financing the design and construction of the new Government Communications Headquarters (GCHQ) accommodation facilities for the U.K. Secretary of State for the Foreign and Commonwealth Office. IAS will also provide certain facilities management and maintenance services under a 30-year project agreement. As part of the due diligence process for annual surveillance of this transaction, Standard & Poor's Ratings Services has recently visited the site and met various stakeholders. The insured rating on IAS' ú406.85 million ($591 million) senior secured bonds due in 2029 reflects the unconditional and irrevocable guarantee of payment of scheduled interest and principal on the bonds provided by Financial Security Assurance (U.K.) Ltd. (FSA; AAA/Stable/--).
