London, 02 April 2015 -- Moody's Investors Service, ("Moody's") has today downgraded to Ba3 from Baa3 the ratings of the GBP446 million of fixed rate guaranteed senior secured bonds (the Bonds) due 2042 issued by Peterborough (Progress Health) plc (ProjectCo), a GBP14.5 million liquidity facility and a GBP7.2 million change in law facility (together the Standby Facilities) reflecting the fact that a stand-still arrangement between ProjectCo and the Peterborough and Stamford Hospitals NHS Foundation Trust (the Acute Trust) has not been agreed and the Acute Trust continues to withhold large proportions of the monthly service payment. Concurrently the ratings have been placed on review for downgrade reflecting the lack of clarity as to how the underlying dispute between ProjectCo and the Acute Trust will proceed and the impact on payments due to be made to ProjectCo in the coming months.

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