Moody’s gives BUUK Infrastructure notes Baa2

Moody's Investors Service said it assigned a Baa2 rating to roughly £200 million of new guaranteed senior secured notes to be issued by BUUK Infrastructure Issuer plc, whose immediate parent is BUUK Infrastructure No 2 Ltd. (BUUK, Baa2 stable).

The notes are expected to have a maturity of between nine and 30 years.

BUUK is the largest owner and operator of independent electricity and gas networks in the United Kingdom with about 1.8 million connections.

The outlook on BUUK's ratings is stable.

Note proceeds will be used to replenish BUUK's existing bank facilities, which were used to fund recent growth-related capital expenditure, and to support future growth.

Moody’s said the assigned rating of the notes reflects their terms and conditions, including their pari passu ranking with existing backed senior secured debt of the issuer, and the Baa2 long-term corporate family rating of BUUK, which takes account of the company's combination of regulated and competitive businesses.

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