Moody's lifts Amey Lagan bonds, loan

Moody's Investors Service said it upgraded the ratings of the £146.4 million of index-linked guaranteed secured bonds due 2037 issued by Amey Lagan Roads Financial plc and the £121.1 million European Investment Bank index-linked guaranteed secured loan facility to Baa2 from Baa3.

The outlook was changed to stable from positive.

The issuer is a special-purpose company formed in December 2007 to raise finance and on-lend it to Amey Lagan Roads Ltd., which entered into a long term project agreement with the Department for Regional Development in Northern Ireland in relation to the construction and upgrade of various roads to the south and west of Belfast and the subsequent operation and maintenance of those roads.

"Today's rating action reflects the sound operational performance of the Project as it continues to transition to steady-state operations," John Carey, Moody's vice president - senior analyst and lead analyst for Amey Lagan Roads, said in a news release.

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