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S&P rates Aggregator Vehicle bonds, loan A-
Standard & Poor’s said it assigned A- long-term debt ratings to £62.5 million of senior secured fixed-rate bonds due 2041 and £63.8 million senior secured fixed-rate bank loan due 2041 from the European Investment Bank.
The new debt will be issued by Aggregator Vehicle plc.
The outlook is stable.
The issuer is ultimately owned by International Public Partnerships Ltd., a publicly listed infrastructure fund managed by Amber Infrastructure Ltd.
The issuer will provide the senior debt funding via on-lending the proceeds to PSBP Midlands Ltd.
PSBP Midlands will enter into an availability-based project agreement with the Secretary of State for Education to design, construct and operate schools located in the northwest of England, S&P said.
Although the issuer is indirectly exposed to construction and operation risks, its senior debt benefits from the credit enhancement constituted by an additional mezzanine loan, the agency said.
Construction of the schools is expected to be delivered on time and within budget, S&P said.
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