Under a U.K. government private finance initiative (PFI) for 34 years and nine months (including a 25-month refurbishment period until August 2037, Exchequer Partnership (No.2) PLC [EP2 or ProjectCo]) is using the bond proceeds to finance the refurbishment of about one-half of the Grade II-listed government offices on Great George Street in the Whitehall area of London. The 'AA' long-term insured debt rating on the £166 million 5.396% fixed-rate senior secured bonds due 2036, issued by U.K.-based special-purpose vehicle EP2 reflects the unconditional and irrevocable guarantee provided by Assured Guaranty (Europe) Ltd. of payment of scheduled interest and principal on the bonds. The underlying 'A-' rating on the bonds reflects a composite of credit factors outlined below. According to our
