S&P Global Ratings completes its first UK Green Evaluation for Bazalgette Finance’s £10 billion issuance, covered by the specialist press

CaptureBazalgette Tunnel Ltd issued a £10 billion, multicurrency bond program in June 2016. The proceeds will be used to finance the design, construction, commission and maintenance of the Thames Tideway Tunnel (TTT) and have received an S&P Global Ratings Green Evaluation score of E1/95.

The TTT project aims to ensure the UK’s compliance with the 1991 EU Urban Waste Water Treatment Directive by mitigating combined sewage overflows, which – exacerbated by London’s expanding population and changing weather patterns – have led to excessive levels of sewage discharge into the river Thames.

The score of E1/95 positions the TTT program at the top end of the Green Evaluation scale and reflects the excellent Governance (93) and Mitigation (97) scores – underlining the project’s commitment to alleviate water stress by increasing the availability of fresh water and reducing wastewater in the Thames.

Following distribution by Moorgate, news of the Green Evaluation was covered by Water Briefing, Environmental Finance, IJ Global, and Partnerships Bulletin.

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