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Fitch cuts Network Rail notes
Fitch Ratings said it downgraded Network Rail Infrastructure Finance plc's £40 billion multi-currency note issuance program to AA+ from AAA.
The action follows the downgrade of the United Kingdom's long-term issuer default rating to AA+/stable on April 19.
Network Rail's F1+ £4 billion short-term commercial paper issuance program was affirmed.
The outlook is stable.
Fitch said the ratings are linked to the UK's ratings due to the Financial Indemnity from the Secretary of State for Transport, whose liabilities are sovereign obligations of the UK.
The Financial Indemnity is an unlimited, irrevocable and unconditional obligation terminating on Oct. 3, 2052.
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