 moodys announce new credit rating post refinancing 25 june 2018 porterbrook one of the uks leading rolling stock companies is delighted to announce the refinancing of its bank facilities the new 885m facilities which include drawn and undrawn senior debt have been raised from a group of uk and international banks at significantly improved margins porterbrook is also pleased to announce a new senior credit rating published by moodys investors service assigning a baa2 rating for porterbrook rail finance limiteds senior debt porterbrook has concurrently requested the withdrawal of standard poors bbb rating of porterbrook rail finance limited and its associated senior debt for which standard poors provides a credit rating mary grant ceo of porterbrook said demand for uk rail capacity is set to grow further with the industry rail delivery group forecasting a doubling of passenger demand over the next 30 years at the same time rail passengers rightly expect more from their trains be it wifi connectivity high quality on board environment increased accessibility or sustainability todays refinancing will allow porterbrook to continue playing a crucial role in meeting that demand and in keeping the country moving our fresh firepower allows us to invest in new state of the art trains while also upgrading our existing rolling stock as part of our re leasing strategy it will also allow us to continue investing in our asset management offering enhancing the skills in our workforce and also innovating to find new solutions to the challenges facing the entire transport industry such as emissions peter coates cfo of porterbrook said the successful refinancing of porterbrooks bank facilities underlines the companys attractiveness to debt investors we look forward to working with our new bank group over the coming years to continue to develop the business and invest in the uk rail market rothschild acted as financial adviser to porterbrook milbank tweed hadley mccloy llp acted as borrower counsel and ashurst llp acted as lender counsel 