New Ross N25 By-Pass Designated Activity Co -- Moody's assigns (P)Baa1 to N25 Irish PPP project bonds; stable outlook

London, 21 January 2016 -- Moody's Investors Service has today assigned a provisional (P)Baa1 rating to the approximately EUR146 million senior secured amortising project bonds due 2042 (the Bonds) to be issued by New Ross N25 By-Pass Designated Activity Company (the Issuer). The proceeds from the Bonds will be used to fund (in part) the design, construction, operations and maintenance of the N25 New Ross Bypass road scheme in County Wexford and County Kilkenny, South East Ireland (the Project). The Project includes the construction of approximately 13.6km of new dual carriage way, 1.2km of new/upgraded single carriageway and various structures (junctions and road bridges), the most notable of which is the 887m River Barrow crossing, a three tower extradosed bridge. The rating outlook is stable.

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