Thames Tideway parent picks up high scores on finance and environmental benefits for bond programme.

S&P Global Ratings has given high finance and environmental scores to a £10bn, multicurrency bond programme established by Bazalgette Tunnel to raise proceeds to design, build, commission, and maintain the Thames Tideway Tunnel (TTT)

S&P said its 95/100 environmental benefit score “reflects the tunnel’s favourable environmental impact and its position at the top of our water hierarchy.” It said its “advanced” attribution to Bazalgette Tunnel’s “use of proceeds alignment” attested to the company’s commitmwnt “to using all its proceeds to finance or refinance the TTT in London.”

And S&P justified its project evaluation and selection score for Bazalgette Tunnel of “advanced” on the grounds that the selection of TTT under the London Tideway Improvements plan, followed a strategic study and government approval

S&P also deemed the company’s reporting to be “advanced” because of “the largely regulated nature of the project.” S&P elaborated saying: “Bazalgette Tunnel reports annually on the allocation of proceeds and on the expected and actual impact of the project through the construction and operational stages, with the latter to be verified by independent authorities.”