U.K.'s BY Chelmer PLC Hospital Project's Debt Rated 'AAA (prelim)' - S&P Global Ratings’ Credit Research

U.K.'s BY Chelmer PLC Hospital Project's Debt Rated 'AAA (prelim)'

U.K.'s BY Chelmer PLC Hospital Project's Debt Rated 'AAA (prelim)' - S&P Global Ratings’ Credit Research
U.K.'s BY Chelmer PLC Hospital Project's Debt Rated 'AAA (prelim)'
Published Nov 22, 2007
Published Nov 22, 2007
Price US$ 150.00  |  Buy this Report Now

About This Report

  
Abstract:

LONDON (Standard&Poor's) Nov. 22, 2007--Standard&Poor's Ratings Services said today it assigned its preliminary 'AAA' rating to the debt to be issued by U.K.-based special purpose vehicle (SPV) BY Chelmer PLC (the Issuer or ProjectCo). The rating reflects the unconditional and irrevocable payment guarantee of scheduled interest and principal provided by Ambac Assurance U.K. Ltd. (AAA/Stable/--). The preliminary underlying rating (SPUR) on the debt is 'BBB', with a stable outlook. The proposed debt consists of £189.2 million in senior secured bonds due 2043 (including £30 million of variation bonds). The senior secured bonds have been assigned a preliminary recovery rating of '2', indicating our expectation of substantial recovery of principal (70%-90%) in the event of a payment

  
Report Type:

Ratings Action

Issuer
BY Chelmer PLC
GICS
Specialized REIT's (40402070)
Sector
Global Issuers, Structured Finance
Country
United Kingdom
Region
Europe, Middle East, Africa
Format:
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S&P Global Ratings’ Credit Research—S&P Global Ratings’ credit research provides analysis on issuers and debt obligations of corporations, states and municipalities, financial institutions, insurance companies and sovereign governments. S&P Global Ratings also offers insight into the credit risk of structured finance deals, providing an independent view of credit risk associated with a growing array of debt-securitized instruments.

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MLA:
S&P Global Ratings’ Credit Research. "U.K.'s BY Chelmer PLC Hospital Project's Debt Rated 'AAA (prelim)'" Nov 22, 2007. Alacra Store. May 13, 2025. <http://www.alacrastore.com/s-and-p-credit-research/U-K-s-BY-Chelmer-PLC-Hospital-Project-s-Debt-Rated-AAA-prelim-614812>
  
APA:
S&P Global Ratings’ Credit Research. (). U.K.'s BY Chelmer PLC Hospital Project's Debt Rated 'AAA (prelim)' Nov 22, 2007. New York, NY: Alacra Store. Retrieved May 13, 2025 from <http://www.alacrastore.com/s-and-p-credit-research/U-K-s-BY-Chelmer-PLC-Hospital-Project-s-Debt-Rated-AAA-prelim-614812>
  
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