The 'AAA' 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 Exchequer Partnership (No. 2) PLC (EP2; ProjectCo) reflects the unconditional and irrevocable guarantee provided by Financial Security Assurance (U.K.) Ltd. (FSA; AAA/Watch Neg/--) of payment of scheduled interest and principal on the bonds. Under a U.K. government private finance initiative (PFI) for 34 years and nine months (including a 25-month refurbishment period), EP2 used 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 four-story building provides offices for up to 1,600 staff of HM Revenue&Customs (HMRC),
