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S&P lowers Metronet Rail debt
Standard & Poor's said it lowered its long-term and underlying debt ratings on the £2.6 billion combined senior secured bank loans and debt issued by Metronet Rail BCV Finance plc and Metronet Rail SSL Finance plc to CC from BB+.
The agency said that the downgrade is due to the lack of visibility over both the current operating performance and the likely outcome of the negotiations on the future of the public-private partnership contracts.
As a result, the agency said that it has assessed the most likely option to be the scenario of a termination payment being made to senior funders, which may result in less than the full value of outstanding obligations being paid.
Furthermore, the ratings remain on CreditWatch with negative implications, where they were placed on May 22, S&P noted.
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