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Standard & Poor’s Peterborough hospitals upgrade picked up by the specialists

Standard & Poor’s has upgraded its rating on Peterborough, or Progress Health, PLC – a key project company operating three building units on two hospital sites in Peterborough in the U.K. – to ‘BB’ with a ‘stable’ outlook.

The project has notably been subject to three consecutive payment deductions this year, totalling £6.4 million, by the Peterborough and Stamford Hospitals NHS Foundation Trust. The deductions occurred because of an ongoing fire compliance issue at one of the hospitals under the project company’s management. However, the Trust and the project company recently signed a standstill agreement requiring that no further deductions be made while the dispute is being resolved – hence the upgrade.

Following Moorgate outreach, InfraNews and IJGlobal picked up the news. (Please note these links lie behind paywalls)

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