Canary Wharf Finance II plc said it will no longer receive credit ratings from Fitch Ratings for seven classes of its first-mortgage debentures, effective immediately.
The decision follows an internal review that assessed the expense and operational burden of maintaining a third rating agency for the sterling-denominated notes, which include fixed-rate and floating-rate tranches maturing between 2033 and 2037. Affected classes include Class A1 (6.455% coupon, 2033 maturity), Class A3 (5.952%, 2037), and floating-rate Classes A7, B3, C2, and D2.
The issuer, a special-purpose vehicle incorporated in England and Wales, notified noteholders via their respective ISINs, ranging from XS0112279616 to XS0295172745. Canary Wharf Finance II will continue to receive ratings from S&P Global Ratings Europe and Moody’s Investor Service for the same securities, according to a company statement.
The move reflects broader industry trends where issuers periodically reassess the cost-benefit of maintaining multiple rating relationships, particularly for structured finance instruments with stable performance profiles.
