U.K.-based special-purpose vehicle (SPV) BY Chelmer PLC (Project Co) has used £192.65 million index-linked senior debt to finance the design, construction, and maintenance of new facilities for Broomfield Hospital, in Chelmsford, Essex, for the Mid Essex Hospital Services NHS Trust (the Trust). The 35-year project agreement was signed on Dec. 6, 2007. The facilities comprise a five-story, new-build, 600-bed hospital connected to the existing hospital, and a new multi-story car park. Following the completion of the 43-month construction period starting in July 2011, ProjectCo is responsible for hard facilities management (FM) and lifecycle services. We assess the operations phase stand-alone credit profile (SACP) as 'bbb-' based on the following: The project having a strong rationale, given the Trust's position as
