Syncora Holdings Ltd. (fka SYCRF)

[DennyCrane550]

S&P GLOBAL RATINGS Research Update: Healthcare Support (Newcastle) Debt Ratings Raised To 'BB+'; Outlook Positive


Healthcare Support (Newcastle) Ltd. (ProjectCo) concluded the Settlement Agreement pertaining to a long-running construction dispute, which contractually marks the end of the project's construction phase and the transition to the operation phase. The project's construction contractor is progressing at its own cost with the remedial works outlined by the Settlement Agreement's deeds of amendment, although these could take up to three years to complete. ProjectCo could be required to make a contribution of up to £0.5 million if remedial-work costs exceed certain defined levels. Our assessment of the project's operational risk continues to incorporate the negative impact of the long-running construction dispute on relationships, although we are aware of improvement. The rating reflects our assessment of the project's financial health



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