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Tuesday 26 February, 2019

Transport For London

Fitch has placed TfL on Rating Watch Negative

RNS Number : 1309R
Transport For London
26 February 2019
 

THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION FOR THE PURPOSES OF ARTICLE 7 OF THE MARKET ABUSE REGULATION (EU) 596/2014.

 

Transport for London (TfL)

 

 

26 February 2019

 

Fitch has placed Transport for London on Rating Watch Negative

  

Transport for London ("TfL") announces that, reflecting the placement by Fitch Ratings Limited ("Fitch") of the United Kingdom's 'AA' Long-term Foreign- and Local-Currency Issuer Default Rating (IDRs) on Rating Watch Negative ("RWN") on 20 February 2019, Fitch has also placed TfL's 'AA-' Long-term Foreign- and Local-Currency IDRs and 'AA-' senior unsecured long-term rating on RWN.

 

The RWN of the UK indicates a heightened probability of a downgrade in the near term. Fitch will look to resolve the RWN of the UK during the first half of this year, in light of the UK's scheduled exit from the EU.  TfL expects its RWN to be resolved in a similar timeframe.

 

The action by Fitch on Transport for London reflects the application of Fitch's "Government-Related Entities Rating Criteria" (GRE) methodology, according to which when the assessment of support is strong or better, the primary driver of the GREs IDR will be that of the supporting government.

 

TfL's short-term IDR and senior unsecured short-term ratings of 'F1+' are unaffected.

 

For further information, please contact:

Transport for London

55 Broadway

London SW1H 0BD

 

 


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