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S&P lifts Amey Lagan bonds to BBB-
Standard & Poor’s said it raised to BBB- from BB the ratings on European Investment Bank’s £141.059 million of index-linked guaranteed secured bonds due 2035 issued by special-purpose vehicle Amey Lagan Roads Financial plc.
The outlook is stable.
The agency also said it removed the ratings from CreditWatch, where they were placed with positive implications in March.
The upgrade reflects Amey Lagan’s improved financial profile following its recent opportunistic debt restructuring, S&P said.
The senior secured bonds, excluding the variation bonds, were acquired by Allianz Global Investors Europe GmbH, and restructured to reduce the project’s senior secured bond by £5.364 million in real terms, the agency said.
The restructuring has improved the project’s annual debt service coverage ratios to 1.16x minimum in September 2014 and 1.25x average using the project’s definition of cash flow available for debt service and base case assumptions, S&P said.
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