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Fitch rates GreenSquareAccord bonds A
Fitch Ratings said it assigned a final A rating to GreenSquareAccord Ltd.’s upsized sale of £400 million of 5.25% senior secured sustainability bonds due Nov. 30, 2047. In its initial rating of GreenSquareAccord, Fitch assigned an A issuer default rating and an expected A rating to its then planned £250 million bond offering.
“The bonds' rating is aligned with GSA's long-term IDR as the notes constitute direct, unconditional, unsubordinated and secured obligations of GSA and rank pari passu among themselves. As such, they rank equally with all other direct obligations of GSA.
The £400 million of bonds includes £100 million of retained bonds that may only be held by or on behalf of the issuer until Nov. 30, 2027. Any retained bonds that have not been sold by this date will be canceled. The £300 million of bonds issued are fully secured against a pool of housing assets valued at around £340 million, located across the Midlands and the Oxford-Cambridge arc.
The proceeds are being used for sustainable purposes, conforming with GSA's sustainable finance framework.
The outlook is stable.
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