The 'AAA' long-term insured debt rating on the £166 million senior secured bonds, due 2036, issued by U.K.-based special-purpose vehicle Exchequer Partnership (No. 2) PLC (EP2) reflects the unconditional and irrevocable guarantee of payment of scheduled interest and principal on the bonds provided by Financial Security Assurance (U.K.) Ltd. (AAA/Stable/--). The underlying rating is 'BBB+', with a stable outlook. Under a U.K. government private finance initiative (PFI), the bond proceeds were used to refurbish about one-half of the Grade II listed government offices on Great George Street in the Whitehall area of London, which is currently occupied by HM Revenue&Customs (HMRC). The refurbishment works undertaken by EP2 began in 2002 and were completed in November 2004, within budget
