Moody's cuts Metronet to B2

Moody's Investors Service said it downgraded to B2 from B1 the senior secured unguaranteed debt ratings of Metronet Rail BCV Finance plc and Metronet Rail SSL Finance plc.

The Aaa ratings of the BCV Finance and SSL Finance bonds that are guaranteed by Ambac Assurance UK Ltd. and Financial Security Assurance (U.K.) Ltd. were affirmed.

The outlook remains negative.

"The downgrade of the Metronet ratings reflects Moody's view that the probability of the debt obligations of BCV Finance and SSL Finance defaulting or being subject to some impairment in the near term is higher than is currently embedded within the B1 ratings," Andrew Blease, a Moody's senior vice-president, said in a written statement.

© 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.