Warrington Borough Council Statement re credit rating
2024年6月17日 - 3:00PM
RNS Regulatory News
RNS Number : 5472S
Warrington Borough Council
17 June 2024
RNS Number : 5472S
Warrington Borough Council
17 June 2024
Warrington
Borough Council
Withdrawal of
Rating
£150,000,000
0.846 per cent. Indexed Bonds due 2055 (the Bonds) of Warrington
Borough Council
Moody's Investors Service Limited has, on 14
June 2024, announced its withdrawal of its credit rating of
Warrington Borough Council (the Council) as a result of the inability
of the Council to procure that its statements of accounts are
audited by external auditors for historical financial years.
This inability is due to challenges which apply across the local
government sector as a whole in securing auditors of sufficient
capacity and capability.
In accordance with Clause 13.1(t) of the Bond
Trust Deed (as defined below), the Council has initiated steps to
seek an alternative rating from a Rating Agency that is established
in the European Union and registered under Regulation (EC) No.
1060/2009 (as amended). The Council remains compliant with
the terms of the Bonds.
Terms used but not otherwise defined in this
notice shall have the meanings given to them in the Bond Trust Deed
constituting the Bonds dated 16 August 2015 (the Bond Trust Deed) between the Council
and M&G Trustee Company Limited (formerly Prudential Trustee
Company Limited) as bond trustee.
For further information, please
contact:
Danny Mather
Deputy Director of Finance
Warrington Borough
Council
Town Hall
Sankey
Street
Warrington
Cheshire WA1
1UH
Email: dzmather@warrington.gov.uk
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