Introduction

In April 2006, Aspire Defence Finance PLC, which acts as the financing conduit for the group, issued two series of Guaranteed Secured Bonds due 2040 totalling £1.768 billion (including £230 million of Authority Variation Bonds and £75 million of Rescue Variation Bonds that have yet to be sold into the secondary market). Both series carry a coupon of 4.674% and have identical terms, save that Series A is guaranteed by Ambac Assurance UK Limited and Series B is guaranteed by MBIA UK Insurance Limited. The prospectus dated 31 March 2006 contains detailed information regarding the Bonds and the Project.

Both Ambac and MBIA make extensive financial disclosures which can be obtained at www.ambac.com  and www.mbia.com respectively.

Aspire Defence regularly reports to Ambac, MBIA and rating agencies on the Project’s progress, and provides certain certifications to the Bond Trustees. Copies of the annual certification and reports have also been made available here to debt investors.

Standard & Poor’s have assessed the Project’s underlying credit rating as BBB with a stable outlook following an upward revision on 31 March 2010 from its previous rating of BBB- also with a stable outlook.  Periodic updates to their analysis can be obtained from www.standardandpoors.com. 

Moody’s have assessed the Project’s underlying credit rating as Baa2 with a stable outlook, following an upward revision on 22 October 2009 from its previous rating of Baa3 also with a stable outlook.  Periodic updates to their analysis can be obtained from www.moodys.com.

Annual Trustee Certifications		Annual Report to MBIA and Ambac
2007		2007
	2007 Download		2007 Download
2008		2008
	2008 Download		2008 Download
2009		2009
	2009 Download		2009 Download
2010		2010
	2010 Download

Investor Presentations
March 2006 Roadshow
	2006 Roadshow
September 2009 Open Day
	2009 open day

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