Tear Sheet: UPP Bond 1 Issuer PLC

The stable outlook reflects our view that demand for the accommodations in the portfolio will remain strong and rents will continue to grow at least in line with RPI and supported by the continuous attractiveness of UPP's university partners. This will lead to a DSCRs of about 1.30x. We also expect the project will deliver a proactive lifecycle plan to maintain the quality of the accommodations and deliver operations and maintenance services in line with contractual requirements. We could take a negative rating action if occupancy rates consistently fall below our base-case expectations. This could happen if the respective universities' attractiveness weakens significantly or the assets fail to maintain their competitive position. We could also lower the rating if the

...*Unless otherwise noted, all ratings in this report are global scale ratings. S&P Global Ratings' credit ratings on the global scale are comparable across countries. S&P Global Ratings' credit ratings on a national scale are relative to obligors or obligations within that specific country....

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