The long-term insured 'AAA' rating on the £406.85 million senior secured bonds due 2029 issued by U.K.-based special-purpose company Integrated Accommodation Services PLC (ProjectCo), a wholly owned subsidiary of Accommodation Services (Holdings) Ltd. (HoldCo), reflects the unconditional and irrevocable guarantee provided by Assured Guaranty (Europe) Ltd. (AGE; AAA/Negative/--) (formerly FSA UK Ltd.) of payment of scheduled interest and principal on the bonds. The Standard&Poor's underlying rating (SPUR) of 'A' 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 about 4,000 desk spaces of the Government Communications Headquarters (GCHQ), at Benhall, Cheltenham on behalf of
