The stable outlook on the long-term issue rating reflects that on the monoline insurer, AGUK, and will move in line with the outlook on AGUK. The stable outlook on the S&P underlying rating (SPUR) reflects our expectation that EP2 will be able to sustain a stable operational performance in line with the contractual requirements, enabling it to generate annual debt service coverage ratios above 1.35x under our base-case scenario. We could lower the SPUR if the minimum average debt-service coverage ratio weakens toward 1.30x. This could occur, for example, if EP2 incurs higher-than-expected deductions and cannot pass them down to its service providers. We could also lower the SPUR following a revision of our economic assumptions, because EP2's metrics are
