The project's operations phase business assessment of '3' reflects our view of the project's simple building maintenance and facilities management tasks, generally good asset conditions across the portfolio, predictable lifecycle requirements, and sufficient lifecycle maintenance reserve, together with its market risk. We assess the project's market exposure to be very low. This is based on our forecast that a downside scenario, under which occupancy falls and there is no real growth in rents, would lead to a decline in cash flow available for debt service (CFADS) of around 10% compared with our base-case scenario. We also continue to view the accommodation's competitive position as "satisfactory." Under our base-case scenario--which assumes 98% occupancy and long-term rent growth in line with our
