S&P Asgns Prlim Rtg in Morgan Stanley BBC Securitzatn.Business Editors LONDON--(BUSINESS WIRE)--July 2, 2003 Standard & Poor's--Standard & Poor's Ratings Services said today that it assigned its preliminary 'AAA' credit rating to the GBP GBP In currencies, this is the abbreviation for the British Pound. Notes: The currency market, also known as the Foreign Exchange market, is the largest financial market in the world, with a daily average volume of over US $1 trillion. 800 million commercial mortgage-backed fixed-rate guaranteed notes to be issued by Juturna (European Loan Conduit No. 16) PLC, an SPE SPE - Software Practice and Experience . "The primary purpose of this latest ELOC ELOC Equity Line of Credit ELOC External Locus of Control ELOC Evangelical Lutheran Ovambo-Kavango Church (Africa) ELOC Executable Lines Of Code ELOC Extraneous Logical or in Expression Used as Branch Condition transaction is to fund the redevelopment of Broadcasting House Broadcasting House is the headquarters and registered office of the BBC in Portland Place, London. It is home to BBC Radio 3, BBC Radio 4, and BBC 7. (Near by on Great Portland Street in Yalding House is BBC Radio 1 and BBC 1Xtra. , the British Broadcasting Corp.'s (BBC BBC in full British Broadcasting Corp. Publicly financed broadcasting system in Britain. A private company at its founding in 1922, it was replaced by a public corporation under royal charter in 1927. ) London headquarters," said credit analyst Ashley Reed, director in Standard & Poor's Structured Finance Ratings group in London. Mr. Reed explained that the underlying transaction is essentially a credit-linked structure supported by the leaseback of the proposed BBC headquarters in London. "Through this structure the BBC will be able to develop its headquarters in central London The term Central London refers to the districts of London which are considered closest to the centre. There is no such conventional definition, nor any official one, for the entire area that can be called "central London". , involving mixed office and broadcasting facilities, ultimately by a loan originated by Morgan Stanley  To comply with Wikipedia's , the introduction of this article needs a complete rewrite. Dean Witter Principal Funding Inc.," he said. Credit analyst Adele Archer, director in the Public Finance Ratings group, commented that this transaction involves the BBC, which is the largest public broadcaster in Europe. "In assessing the creditworthiness Creditworthiness The condition in which the risk of default on a debt obligation by that entity is deemed low. Creditworthiness Eligibility of an individual or firm to borrow money. of the BBC as the tenant, Standard & Poor's considered its legal status as a corporation established by Royal Charter, which is subject to periodic renewal, and the likelihood of that renewal (with the next renewal due in 2006)," Ms. Archer said. "We also looked at the level of indirect government support provided by its sponsoring department, the Department of Culture, Media & Sport, and implicit in the license fee funding regime." Ms. Archer added that the analysis took into account the BBC's strong market positions with leading viewership and listening shares in U.K. TV and radio broadcasting and in the development of European programming content; the potential for change in political and popular support as the U.K. multichannel Using two or more paths for transmission or processing. It can refer to a variety of architectures including (1) multiple I/O channels between the CPU and peripheral devices, (2) multiple wires in a cable, (3) multiple "logical" channels within a single wire or fiber or (4) multiple broadcasting and European regulatory environments continue to evolve; the ability of the BBC to adapt to future technological changes; and potential changes in the corporation's funding regime. The rating on the notes reflects the credit rating on MBIA MBIA Montana Building Industry Association MBIA Municipal Bond Insurance Association MBIA Michigan Boating Industries Association MBIA Municipal Bond Investors Assurance MBIA Massachusetts Brain Injury Association MBIA Maryland Business Incubation Association Assurance S.A. (AAA/Stable/--), which will provide an unconditional and irrevocable guarantee to pay scheduled interest and principal payments on the notes. In the event that the rating on MBIA Assurance is lowered, however, the rating on the notes may be supported by the creditworthiness of the BBC, as tenant, the strategic importance of the proposed development to the BBC's operations, the triple-net nature of the occupational lease to the BBC, various BBC indemnities provided to the borrower, and the transaction's security arrangements. The full presale report for this transaction was published today and is available to subscribers of RatingsDirect, Standard & Poor's Web-based credit analysis system, at www.ratingsdirect.com. The presale report can also be found on Standard & Poor's Web site at www.standardandpoors.com. Click on Credit Ratings; then, in the left navigation bar under Browse by Sector, select Structured Finance; scroll down to Presale Credit Reports to locate the article. Alternatively, call one of Standard & Poor's Ratings Desks: London (44) 20-7847-7400; Paris (33) 1-4420-6705; Frankfurt (49) 69-33-999-223; or Stockholm (46) 8-440-5916. Members of the media may contact the Press Office Hotline on (44) 20-7826-3605 or via media_europe@standardandpoors.com. ANALYST E-MAIL ADDRESSES ashley_reed@standardandpoors.com adele_archer@standardandpoors.com michelle_weston@standardandpoors.com trevor_pritchard@standardandpoors.com StructuredFinanceEurope@standardandpoors.com Copyright 2003, Standard & Poor's Ratings Services |
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