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S&P Global Ratings’ wrapped project finance issue at the University of Essex is covered by the specialist press

S&P Global Ratings has assigned an ‘A’ Standard & Poor’s underlying rating (SPUR) with a stable outlook to a £98.2 million debt issuance by ULiving@Essex Ltd. (ProjectCo), the entity created to build and manage student accommodation at the University of Essex.S&P

S&P Global’s SPUR rating reflects the accommodation’s lack of construction risk and high occupancy rates since its completion in 2013. The outlook is supported by a growing demand for accommodation at the University of Essex, a lack of competing student housing in the vicinity of the campus, and the university’s commitment to provide somewhere to live to all first-year and international students.

The issue, which will refinance all existing senior debt, has also been issued an ‘AA’ long-term insured rating that reflects the unconditional payment guarantee of scheduled interest and principal provided by Assured Guaranty. S&P Global finds that this issue, among other recent issues, shows an increasing demand for UK long-dated project bonds, which may be partly driven by financial guarantees and investors’ rising interest in longer maturities.

More about this issue can be read at Yahoo Finance, Business Wire, and InfraNews (subscription required).

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