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S&P lowers Healthcare Support view to stable
S&P said it revised the outlook on the senior secured debt issued by Healthcare Support (Newcastle) Finance plc to stable from positive.
The agency also said it affirmed the BB+ long-term issue ratings on the company's debt.
The debt comprises a £115 million senior secured loan from the European Investment Bank due March 2038, S&P said, and £197.8 million of senior secured bonds due September 2041.
The debt was issued by Healthcare Support (Newcastle) Finance in 2005 and lent to Healthcare Support (Newcastle) Ltd. to fund the design and construction of two new facilities at the Freeman Hospital and Royal Victoria Infirmary in Newcastle, the agency explained.
Both debt tranches benefit from an unconditional and irrevocable payment guarantee of scheduled interest and principal provided by Syncora Guarantee U.K. Ltd., S&P said.
The recovery rating on the debt remains at 2, indicating 70% to 90% expected default recovery.
The outlook revision reflects that any rating upside is constrained by the continued tensions in the relationship between the trust and the project parties, the agency said.
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