The guaranteed 'AAA' rating on £376.28 million outstanding out of £406.85 million senior secured bonds due 2029 issued by U.K.-based special-purpose company Integrated Accommodation Services PLC (ProjectCo) reflects the unconditional and irrevocable guarantee of payment of scheduled interest and principal provided by Financial Security Assurance (U.K.) Ltd. (local currency AAA/Stable/--). The underlying 'A' rating reflects a composite of credit factors outlined below. Under a 30-year project agreement structured under a private finance initiative (PFI), ProjectCo is financing the design, construction, and operation of new accommodation facilities for the Government Communications Headquarters (GCHQ) on behalf of the U.K. Secretary of State, for the Foreign and Commonwealth Office. GCHQ is the U.K. intelligence agency that has a statutory responsibility to provide intelligence
