DBRS Notes No Change to CSS (FSCC) Partnership at A (low), Stable

DBRS Limited (DBRS) today notes that there has been no change to the A (low) rating and Stable trend assigned to the Senior Secured Debt of CSS (FSCC) Partnership (ProjectCo), following the acquisition of all of the equity interest of Carillion Private Finance Ltd. (Carillion) by Concert Infrastructure Fund (Concert). Prior to the acquisition, Carillion and Concert held equal equity shares in ProjectCo through their respective subsidiaries Carillion (FSCC) Holdings Inc., Carillion (FSCC) LP Holdings Inc., Concert (FSCC) Management Ltd., and Concert (FSCC) LP. As of June 14, 2016, Concert (FSCC) Management Ltd. acquired Carillion (FSCC) Holdings Inc.’s equity stake in Carillion Concert (FSCC) Holdings Inc. and Concert (FSCC) LP acquired Carillion (FSCC) LP Holdings Inc.’s equity stake in CCII (FSCC) Limited Partnership. This transaction results in Concert becoming the sole equity sponsor of ProjectCo. DBRS notes that Concert is an experienced owner in the PPP space and, given that the contractual framework and resiliencies remain otherwise unchanged, no rating action will occur as a result of this transaction.

The applicable methodology is Rating Public-Private Partnerships, which can be found on our website under Methodologies.

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