The long-term 'A-' rating on the £307.1 million senior secured fixed-rate notes due Feb. 28, 2040 (Class A1 notes), and £75 million senior secured index-linked notes due Aug. 31, 2047 (Class A2 notes)--issued by U.K.-based special-purpose company UPP Bond 1 Issuer PLC (ProjectCo or UPP) under a £5 billion multicurrency note program--primarily reflect the benefit of cross-collateralization in the project structure and a degree of revenue diversification. The structure allows the issuer to support any underperforming AssetCos through cash pooling at the parent holding company level of excess cash from performing AssetCos. Rental income is generated from accommodation at six universities in the U.K. (namely, the University of Kent, the University of Nottingham, Nottingham Trent University, Oxford Brookes University, Plymouth
