Ambac Provides Triple-A-Rated Guarantee for Northern Ireland PFI Transaction
20 Décembre 2007 - 6:29PM
Business Wire
Ambac Financial Group, Inc. (NYSE: ABK) (Ambac) announced today
that Ambac Assurance UK Limited recently provided a triple-A credit
enhancement for the financing of new and updated roads in Northern
Ireland. This financing was completed as part of the Government�s
ongoing Private Finance Initiative (PFI) investment in the
provision transport services. The Department for Regional
Development in Northern Ireland (the Authority) procured the
Project for three schemes of works involving the upgrade operation
and maintenance of approximately 125 kilometers of motorway and
trunk roads. The winning consortium was a joint venture between
Amey Ventures Limited and Whitemountain Investments Limited
(collectively Amey Lagan Roads Limited). A construction joint
venture between Lagan Construction Limited and Ferrovial Agroman
(Ireland) Limited will design and build the new facilities. Amey
Infrastructure Limited will assume responsibility for the operation
and maintenance of the facilities. Their contract with the
Authority will run for 30 years. The bonds issued by Amey Lagan
Roads Financial plc in December 2007 total �146.4 million
(including �24 million of variation bonds) and are 30 year
amortizing index-linked bonds. The bonds were issued at a coupon of
2.267%. In addition, Ambac guaranteed �121.1 million of European
Investment Bank loans. "Ambac is delighted to continue its role as
the leading UK PFI financial guarantor by successfully closing our
first project in Northern Ireland,� said Ian Dixon, Managing
Director of Ambac�s European Infrastructure team. "This is the
fourth PFI deal Ambac has closed in the last four months and we are
pleased that Ambac's involvement in this important new road project
delivered an affordable project for the Authority and Amey Lagan
Roads Ltd." Ambac Financial Group, Inc., headquartered in New York
City, is a holding company whose affiliates provide financial
guarantees and financial services to clients in both the public and
private sectors around the world. Ambac�s principal operating
subsidiary, Ambac Assurance Corporation, a leading guarantor of
public finance and structured finance obligations, has earned
triple-A ratings, the highest ratings available from Moody�s
Investors Service, Inc., Standard & Poor�s Ratings Services and
Fitch, Inc. Ambac Financial Group, Inc. common stock is listed on
the New York Stock Exchange (ticker symbol ABK).
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