S&P: Consort (Tameside) view to stable

S&P said it affirmed the BBB+ long-term issue rating and S&P underlying rating (SPUR) on Consort Healthcare (Tameside) plc's notes.

At the same time, the agency revised the outlook on the long-term issue rating on the £93.3 million index-linked guaranteed senior secured bonds (including £15.0 million of variation bonds) due 2041 to stable from negative.

S&P said the outlook revision reflects the upgrade of Deutsche Bank, Consort’s bank account provider, to A-/negative/A-2 earlier this year.

As the replacement language in Consort’s documentation is not compliant with the agency’s financial counterparty criteria, the ratings and outlook assigned to the Consort’s notes reflect the lower of the SPUR and the credit rating assigned to the account bank.

The issue ratings on Consort’s notes therefore reflect the SPUR of BBB+ and the outlook on the SPUR is no longer constrained by that on the on Deutsche Bank.

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