Moody’s: Four U.K. infrastructures to negative

Moody's Investors Service said it changed the outlook on the ratings of four United Kingdom-domiciled infrastructure and project finance issuers, Network Rail Infrastructure Finance plc (Aa1), LCR Finance plc (Aa1), Ineos Grangemouth plc (Aa1) and Merseylink (Issuer) plc (Aa1), to negative from stable.

The actions follow a referendum vote in favor of the U.K. leaving the European Union and the recent change in the outlook of the U.K.’s Aa1 government rating to negative from stable.

The outlook changes reflect the fact that their debt benefits from a guarantee provided by the Government of the United Kingdom. As such, their ratings move in lockstep with those of the sovereign.

At the same time, Moody's affirmed the Aa1 senior unsecured bond ratings of LCR Finance and Ineos Grangemouth and the Aa1 senior secured ratings of Merseylink.

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