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S&P: Metronet BCV loan on watch
Standard & Poor's said it placed its BBB- long-term debt rating on Metronet Rail BCV Finance plc's £810 million senior secured bank loan due 2030 on CreditWatch with negative implications.
At the same time, the underlying long-term debt ratings on the £165 million index-linked bonds due 2032 and £350 million fixed-rate bonds due 2032 were also placed on CreditWatch with negative implications, the agency said.
The rating actions follow the continued weakening of Metronet BCV's financial profile resulting from problems in executing a challenging capital expenditure program to budget and on time, the agency noted, adding that the negative CreditWatch reflects its concerns that Metronet BCV's credit quality could be damaged if discussions over the next few weeks to draw up a credible plan for the company's future fail.
In such a situation, however, lenders will still benefit from the various strengths of the concession agreement supporting continued debt servicing, S&P added.
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