Longstone Finance Class A And B Notes Upgraded Following Lloyds Bank Upgrade

Stocks and Financial Services Press Releases Thursday May 24, 2018 15:20
LONDON--24 May--S&P Global Ratings
LONDON (S&P Global Ratings) May 24, 2018--S&P Global Ratings today raised its credit ratings on Longstone Finance PLC's class A and B notes. We took no action on the Class C notes (see list below).

Today's upgrades follow our May 8, 2018, upgrade to 'A+' from 'A' of our long-term issuer credit rating on Lloyds Bank (see "Lloyds Banking Entities Upgraded on Strengthened Bail-In Buffer And Improving Profitability; Outlook Stable").

Our current counterparty criteria allow us to rate the notes in structured finance transactions above our ratings on related counterparties if a replacement framework exists and other conditions are met (see "Criteria - Structured Finance - General: Counterparty Risk Framework Methodology And Assumptions," published on June 25, 2013). The maximum ratings uplift depends on the type of counterparty obligation.

The maximum rating achievable for this transaction under our current counterparty criteria is constrained by the issuer credit rating (ICR) on the liquidity facility provider, Lloyds Bank PLC (A+/Stable/A-1). In accordance with our current counterparty criteria, this counterparty can support a maximum potential rating of 'A+ (sf)' (the long-term ICR) in this transaction.

We have therefore raised to 'A+' (sf) from 'A' (sf) our credit rating on Longstone Finance's class A and B notes. Our rating on the class C notes remains unaffected.

Longstone Finance is a European commercial mortgage-backed securities (CMBS) transaction that closed in March 2006 and consists of one loan secured against 48 supermarket properties located throughout the U.K. let to Sainsbury's Supermarkets.

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