S&P ups Fixed-Link Finance notes

Standard & Poor's said it raised its ratings on the class A and B structured notes issued by the special-purpose vehicle Fixed-Link Finance BV, reflecting expected successful implementation of the restructuring plan.

The company is linked to Eurotunnel SA.

The agency said that the ratings were raised as follows: The senior secured debt rating on the class A notes was raised to BBB from BB+; and the senior subordinated debt rating on the class B notes was raised to BBB- from CCC+.

At the same time, the CreditWatch implications on these ratings were revised to positive from developing, S&P said, adding that the junior subordinated debt rating on the class C notes was affirmed at C and removed from CreditWatch where it had been placed with developing implications on March 16.

The outlook on these notes is negative.

The rating actions on the class A, B and C structured notes reflect the expectation that cash and earnings thereon, will enable Fixed-Link Finance to service all of its debt and to repay its outstanding senior, senior subordinated and guaranteed notes at par plus accrued interest in January 2009, S&P said.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.