S&P Global Ratings has assigned its ‘BBB+’ Standard and Poor’s underlying rating (SPUR) Rating to ULiving@Essex2’s £60.6 million secured bond issuance. The funds will finance the construction of a new halls of residence project at the University of Essex. In addition, S&P Global Ratings has issued its ‘AA’ long term rating to the issuance. The outlook is stable.
The ratings and stable outlook reflect S&P’s view that the construction contractor, Bouygues (UK) Ltd, has sufficient experience, financial strength and project management capability to mitigate the consequences of any construction delays associated with the tight construction schedule. The project is scheduled for completion in 2018, ahead of the 2018/19 academic year.