Moody's upgrades InspirED

Moody's Investors Service said it upgraded the rating of the £352.25 million of index-linked guaranteed secured bonds due 2038 issued by InspirED Education (South Lanarkshire) plc to A3 from Baa1.

The outlook was changed to stable.

InspirED is a special-purpose company that in June 2006 entered into a long-term concession with South Lanarkshire Council to redevelop and refurbish South Lanarkshire's entire portfolio of secondary schools and subsequently provide hard facilities management services until 2039.

"Today's rating action reflects InspirED's completion of the remaining construction works on 23 October 2012, its resolution of the vast majority of snagging items and the good level of Hard FM service performance to date," John Carey, a vice president - senior analyst in Moody's Infrastructure Finance Group and lead analyst for InspirED, said in a news release.

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