This report does not constitute a rating action. IAS continues to function as anticipated, with unitary payments being made in full and services delivered at expected levels. The performance of the facilities management (FM) company G4S JV Ltd. remains satisfactory, with no availability or service deductions recorded throughout 2024, as evidenced by the project's 99.91% pass rate on performance tests during the year. This is also reflected in IAS? annual debt service coverage ratio (DSCR) of 1.66x as of September 2024. As part of these discussions, IAS has committed to undertaking an in-depth review of the assets and life cycle costs until concession's maturity by June 2026. However, at this stage the Secretary of State for Foreign and Commonwealth Affairs
