DOCSLIB.ORG

East Midlands Franchise: Invitation to Tender

Total Page：16

File Type：pdf, Size：1020Kb

Download full-text PDF Read full-text
East Midlands Franchise: Invitation to Tender East Midlands Franchise Invitation to Tender 7 June 2018 1 The Department for Transport has actively considered the needs of blind and partially sighted people in accessing this document. The text will be made available in full on the Department’s website. The text may be freely downloaded and translated by individuals or organisations for conversion into other accessible formats. If you have other needs in this regard please contact the Department. Department for Transport Great Minster House 33 Horseferry Road London SW1P 4DR Telephone 0300 330 3000 Website www.gov.uk/dft General email enquiries: [email protected] © Crown copyright 2018 Copyright in the typographical arrangement rests with the Crown. You may re-use this information (not including logos or third-party material) free of charge in any format or medium, under the terms of the Open Government Licence. To view this licence, visit www.nationalarchives.gov.uk/doc/open-government-licence/version/2 or write to the Information Policy Team, The National Archives, Kew, London TW9 4DU, or e-mail: [email protected]. Where we have identified any third-party copyright information you will need to obtain permission from the copyright holders concerned. 2 Contents Section 1: Introduction ...................................................................................................... 6 1.1 Introduction .............................................................................................................................. 6 1.2 Form of Contract ..................................................................................................................... 6 1.3 Exceeding the Department’s requirements ............................................................................. 6 1.4 Communications ..................................................................................................................... 7 1.5 Structure of this ITT ................................................................................................................. 7 1.6 Other documents ..................................................................................................................... 8 1.7 Franchise Letting Process Agreement .................................................................................... 8 1.8 Commencement of the East Midlands Franchise ................................................................... 8 1.9 Liability for costs, updates and termination ............................................................................. 8 1.10 Defined terms .......................................................................................................................... 9 Section 2: Scope and Objectives .................................................................................... 10 2.1 Scope of the East Midlands Franchise ................................................................................. 10 2.2 Franchise Objectives ............................................................................................................. 10 2.3 Evaluation of Financial Robustness ...................................................................................... 11 Section 3: Information and Instruction to Bidders ............................................................ 13 3.1 Applicability of this document ................................................................................................ 13 3.2 Accuracy of information and liability of the Department and its representatives .................. 13 3.3 Intellectual property ............................................................................................................... 14 3.4 Industry consultation and disclosure of information in Bids .................................................. 14 3.5 Non-compliant Bids ............................................................................................................... 15 3.6 Automatic elimination ............................................................................................................ 18 3.7 Right to disqualify Bidders ..................................................................................................... 19 3.8 Data Site and AWARD .......................................................................................................... 19 3.9 Bidder Clarification Questions ............................................................................................... 19 3.10 Transparency and Freedom of Information ........................................................................... 21 3.11 Competition Matters .............................................................................................................. 21 3.12 Regulation (EC) 1370/2007 ................................................................................................... 26 3.13 Changes to information or circumstances ............................................................................. 27 3.14 Variations to the Franchise Agreement ................................................................................. 27 3.15 Form of Tender...................................................................................................................... 28 Section 4: Explanation of Requirements for Bid Submission and Overview of Process following Bid Submission .................................................................................................... 29 4.1 Preparation of Bids ................................................................................................................ 29 4.2 Franchising timetable and process ....................................................................................... 29 4.3 Structure and format of Bids ................................................................................................. 30 4.4 Page limits, size of text, other formatting .............................................................................. 34 4.5 Annexes and appendices ...................................................................................................... 35 4.6 Letters of Support .................................................................................................................. 35 4.7 Cross referencing .................................................................................................................. 35 4.8 Bid consistency ..................................................................................................................... 36 3 4.9 Language .............................................................................................................................. 36 4.10 Monetary amounts ................................................................................................................ 36 4.11 Submission of Bids ................................................................................................................ 36 4.12 Presentations ........................................................................................................................ 38 4.13 Validity of Bids ....................................................................................................................... 38 4.14 Process following Bid submission ......................................................................................... 38 4.15 Voluntary standstill period ..................................................................................................... 42 Section 5: Detailed Bid submission requirements - Delivery Plans ................................. 43 5.1 Introduction ............................................................................................................................ 43 5.2 Residual Value Mechanism ................................................................................................... 45 5.3 Delivery Plan 0 - Bid Summary ............................................................................................. 49 5.4 Delivery Plan 1 – Franchise Management ............................................................................ 50 5.5 Sub-Plan 1.1 Leadership and Sustainability ......................................................................... 50 5.6 Sub-Plan 1.2 Partnering ........................................................................................................ 55 5.7 Delivery Plan 2 – Train Service and Performance ................................................................ 61 5.8 Sub-Plan 2.1 Train Services ................................................................................................. 61 5.9 Sub-Plan 2.2 Rolling Stock ................................................................................................... 79 5.10 Sub-Plan 2.3 Performance .................................................................................................... 96 5.11 Delivery Plan 3 – Revenue .................................................................................................. 100 5.12 Sub-Plan 3.1 Marketing and branding ................................................................................ 100 5.13 Sub-Plan 3.2 Fares, Ticketing and Revenue Protection ..................................................... 102 5.14 Delivery Plan 4 – Customer Experience and Stations ........................................................ 107 5.15 Sub-Plan 4.1 Customer Experience ...................................................................................
Load more

Recommended publications
  • The Evolution of Train Services on the Met and Gc Line
    THE EVOLUTION OF TRAIN SERVICES ON THE MET AND GC LINE by Eric Stuart (Readers may find reference to the Four-Tracking article in the July 2018 issue of Underground News helpful) After the Great Central (GC) arrived at Quainton Road and the service south thereof became established, both the GC and the Metropolitan Railway (Met.) provided services. However, the personalities at the heads of the two companies did not enjoy the best of relationships. Matters came to a head when a GC train crashed when failing to reduce speed over the (then) reverse curve into Aylesbury station in 1904. About that time, both the leaders retired and a period of better relations between the companies began. On 2 April 1906, the Metropolitan & Great Central Joint Railway (MGCJR) was created. This latter took over the lines of the Metropolitan Railway north and west of Harrow South Junction, with the exception of the branch to Uxbridge. These included the main line between Harrow-on-the-Hill and Verney Junction and the branch from Chalfont & Latimer to Chesham. The MGCJR was created under the terms of the Metropolitan & Great Central Railway Act, which received Royal Assent on 4 August 1905. At the same time, the Great Central and Great Western Joint Railway was formed, covering the lines south of Aylesbury via Princes Risborough to Northolt Junction. This was the result of a new line that aided the GC by partly avoiding congestion on the Met. and also giving the Great Western a shorter route to Birmingham1. One curiosity was that a Joint Committee was set up to manage a new Aylesbury station, jointly owned by two joint railways! Some points on terminology: The new line was commonly called just ‘The Joint Line’ and, even in later LT days, some staff still belonged to a particular class that made them feel superior to others2.
    [Show full text]
  • Covid-19 Recovery Renewing the Transport System
    Covid-19 Recovery Renewing the transport system July 2020 Covid-19 Recovery • Renewing the transport system 1 Contents Executive Summary 3 Introduction 5 Impact of the crisis 7 Opportunity for renewal 15 Facilitating the shift to a rapid renewal 34 References 36 Acknowledgements This paper was developed by Campaign for Better Transport and is solely its view. Organisations were engaged directly and through four virtual roundtable discussions in May 2020, with senior representatives of train and bus operators, government representatives, local authorities, passenger bodies, technology companies and other stakeholders. Thanks go to the following organisations that were engaged or participated in discussions to inform the contents of this report, including: Abellio Group, Angel Trains, Arriva Group, Avis Budget Group, Bird, Bombardier, Bus Users UK, BVRLA, Cambridge and Peterborough Combined Authority, Client Earth, Community Rail, Community Transport Association, CoMoUK, Confederation of Passenger Transport, Essex County Council, Eversholt Rail, First Group, Five AI, Go-Ahead Group, Grand Central Railway, GTR, HCT Group, Liverpool City Region, Living Streets, Local Government Association, Network Rail, North East Combined Authority, Rail Delivery Group, Rail Freight Group, Rail Industry Association, RSSB, Ryse Hygrogen, South Yorkshire Passenger Transport Executive, Stagecoach Group, Sustrans, The AA, Trainline, Transdev, Transport & Environment, Transport Focus, Transport for Greater Manchester, Transport for London, Transport for the North, Transport for West Midlands, Uber, Urban Transport Group, ViaVan, Wrightbus, Zeelo. The paper has also been peer reviewed by the Campaign for Better Transport Policy Associates Network. Thank you to Isabel Dedring, Jim Steer, Keith Buchan, Kris Beuret, Leon Daniels, Lilli Matson, Lynda Addison, Matt Lovering, Phil Jones, Prof.
    [Show full text]
  • Marketplace Sponsorship Opportunities Information Pack 2017
    MarketPlace Sponsorship Opportunities Information Pack 2017 www.airmic.com/marketplace £ Sponsorship 950 plus VAT Annual Conference Website * 1 complimentary delegate pass for Monday www.airmic.com/marketplace only (worth £695)* A designated web page on the MarketPlace Advanced notification of the exhibition floor plan section of the website which will include your logo, contact details and opportunity to upload 20% discount off delegate places any PDF service information documents Advanced notification to book on-site meeting rooms Airmic Dinner Logo on conference banner Advanced notification to buy tickets for the Annual Dinner, 12th December 2017 Logo in conference brochure Access to pre-dinner hospitality tables Opportunity to receive venue branding opportunities Additional Opportunities * This discount is only valid for someone who have never attended an Airmic Conference Airmic can post updates/events for you on before Linked in/Twitter ERM Forum Opportunity to submit articles on technical subjects in Airmic News (subject to editor’s discretion) Opportunity to purchase a table stand at the ERM Forum Opportunity to promote MP content online via @ Airmic Twitter or the Airmic Linked In Group About Airmic Membership Airmic has a membership of about 1200 from about 480 companies. It represents the Insurance buyers for about 70% of the FTSE 100, as well as a very substantial representation in the mid-250 and other smaller companies. Membership continues to grow, and retention remains at 90%. Airmic members’ controls about £5 billion of annual insurance premium spend. A further £2 billion of premium spend is allocated to captive insurance companies within member organisations. Additionally, members are responsible for the payment of insurance claims from their business finances to the value of at least £2 billion per year.
    [Show full text]
  • Getting on the Right Track
    spotlight LEVERAGED FINANCE GETTING ON THE RIGHT TRACK JOANNA HAWKES OF ANGEL TRAINS EXPLAINS SOME OF THE ISSUES FACING THE ROLLING STOCK LESSOR IN THE FUNDING AND LEASING OF TRAINS TO THE OPERATING COMPANIES. he purpose of this article is to outline the issues facing the rolling stock lessor, both from the perspective of financing the purchase of rolling stock, as well as leasing it to the trains operating companies (Tocs). It focuses mainly on the Tactivities and experiences of Angel Trains (Angel). BACKGROUND. The three rolling stock leasing companies (Roscos) Angel, Porterbrook Leasing and HSBC Rail (formerly Eversholt tandem with extended and renegotiated franchises. As the market Leasing) were originally formed in 1994 out of the privatisation of has developed, lease contracts have become more bespoke and very British Rail. Their business is owning, maintaining and leasing rolling heavily negotiated. stock. At the time of public offer, fears of re-nationalisation under For a number of reasons – partly strategic, partly historic – Angel an incoming Labour government were high. Offers to buy from the Trains finances about 80% of its portfolio in the banking market, finance sector were limited and consequently two of the three were rather than via its parent. Figure 2 illustrates the current simplified the subject of management buy outs. Over subsequent years, industry structure. however, Roscos have migrated towards their natural home for UK leasing companies, and each has become a subsidiary of a big TYPES OF LEASES. There are a number of variations in the types of financial institution: Royal Bank of Scotland (Angel), Abbey National lease structures, but generally capital rentals are fixed.
    [Show full text]
  • Publicity Material List
    Early Guides and Publicity Material Inventory Type Company Title Author Date Notes Location No. Guidebook Cambrian Railway Tours in Wales c 1900 Front cover not there 2000-7019 ALS5/49/A/1 Guidebook Furness Railway The English Lakeland 1911 2000-7027 ALS5/49/A/1 Travel Guide Cambrian & Mid-Wales Railway Gossiping Guide to Wales 1870 1999-7701 ALS5/49/A/1 The English Lakeland: the Paradise of Travel Guide Furness Railway 1916 1999-7700 ALS5/49/A/1 Tourists Guidebook Furness Railway Illustrated Guide Golding, F 1905 2000-7032 ALS5/49/A/1 Guidebook North Staffordshire Railway Waterhouses and the Manifold Valley 1906 Card bookmark 2001-7197 ALS5/49/A/1 The Official Illustrated Guide to the North Inscribed "To Aman Mosley"; signature of Travel Guide North Staffordshire Railway 1908 1999-8072 ALS5/29/A/1 Staffordshire Railway chairman of NSR The Official Illustrated Guide to the North Moores, Travel Guide North Staffordshire Railway 1891 1999-8083 ALS5/49/A/1 Staffordshire Railway George Travel Guide Maryport & Carlisle Railway The Borough Guides: No 522 1911 1999-7712 ALS5/29/A/1 Travel Guide London & North Western Railway Programme of Tours in North Wales 1883 1999-7711 ALS5/29/A/1 Weekend, Ten Days & Tourist Bookings to Guidebook North Wales, Liverpool & Wirral Railway 1902 Eight page leaflet/ 3 copies 2000-7680 ALS5/49/A/1 Wales Weekend, Ten Days & Tourist Bookings to Guidebook North Wales, Liverpool & Wirral Railway 1902 Eight page leaflet/ 3 copies 2000-7681 ALS5/49/A/1 Wales Weekend, Ten Days & Tourist Bookings to Guidebook North Wales,
    [Show full text]
  • Hornby Railways
    Vectis Auctions, Vectis Auctions, Fleck Way, Thornaby, Oxford Office, Stockton-on-Tees, TS17 9JZ. Unit 5a, West End Industrial Estate, Telephone: 0044 (0)1642 750616 Witney, Oxon, OX28 1UB. Fax: 0044 (0)1642 769478 Telephone: 0044 (0)1993 709424 E-mail: [email protected] E-mail: [email protected] Website: www.vectis.co.uk TWO DAY SALE Specialist & General Toy Sale Thursday 18th January 2018 - 10.00am Model Train Sale Friday 19th January 2018 - 10.30am Room and Live On-Line Auctions at Thornaby, Stockton-on-Tees, TS17 9JZ. Viewing available on the day of the Sale from 8.00am. Bidding can be made using the following methods: Commission Bids, Postal/Fax Bids, Telephone Bidding - If you intend to bid by telephone please contact our office for further information on 0044 (0)1642 750616. Internet Bidding - you can bid live on-line with www.vectis.co.uk or www.invaluable.com. You can also leave proxy bids at www.vectis.co.uk. If you require any further information please contact our office. FORTHCOMING AUCTIONS Model Train Sale Friday 16th February 2018 Specialist Sale Tuesday 20th February 2018 Specialist Sale Wednesday 21st February 2018 General Toy Sale Thursday 22nd February 2018 TV & Film Related Toy Sale Wednesday 28th February 2018 Details correct at time of print but may be subject to change, please check www.vectis.co.uk for updates. Managing Director Vicky Weall Cataloguers Michael Bond, Mike Delaney, Ian Main, David Bowers, Sean Moloney & Matthew Cotton Photography Paul Beverley & Andrew Wilson Data Input Patricia McKnight & Andrea Rowntree Layout & Design Andrew Wilson & Simon Smith A subsidiary of The Hambleton Group Ltd - VAT Reg No.
    [Show full text]
  • Download PDF File of Archived Presentations Archived 04 Oct 2004
    SirSir FredFred GoodwinGoodwin GroupGroup ChiefChief ExecutiveExecutive Slide 3 RBS Group Structure CUSTOMERS • Coutts •Direct Line •RBS Cards •Personal •Personal •Large Corporates - RBS •Ulster Bank •Personal • NatWest Cards •Adam • Churchill • Small Business • Small Business • Mid Corporates and •First Active •Business •MINT •RSA Commercials-RBS/NW •Personal • NatWest Offshore •NIG • Lombard Direct •NW Life •Treasury - RBS •Commercial •Business •RBSI • International •DLFS •Greenwich Capital (US) • One Account •Lombard •Corporate •Tesco PF •Angel Trains • International • Specialist Businesses Wealth RBS Retail RBS NatWest CBFM Ulster Citizens Management Insurance Direct Bank MANUFACTURING Technology Operations Services Slide 4 RBS Group Structure CUSTOMERS • Coutts •Direct Line •RBS Cards •Personal •Personal •Large Corporates - RBS •Ulster Bank •Personal • NatWest Cards •Adam • Churchill • Small Business • Small Business • Mid Corporates and •First Active •Business •MINT •RSA Commercials-RBS/NW •Personal • NatWest Offshore •NIG • Lombard Direct •NW Life •Treasury - RBS •Commercial •Business •RBSI • International •DLFS •Greenwich Capital (US) • One Account •Lombard •Corporate •Tesco PF •Angel Trains • International • Specialist Businesses Wealth RBS Retail RBS NatWest CBFM Ulster Citizens Management Insurance Direct Bank MANUFACTURING Technology Operations Services Slide 5 Group Operating Profit 2003 2002 Change Change £m £m £m Corporate Banking and Financial Markets 3,620 3,261 359 +11% Retail Banking 3,126 3,019 107 +4% Retail Direct
    [Show full text]
  • Railtalk Magazine
    Issue 28 January 2009 Railtalk ISSN 1756-5030 Magazine Y Gerallt Gymro - the One Wales Express Welcome From the editor.... Welcome to Issue 28 of Railtalk Magazine. Can I start this month by saying how delighted we are with this month’s photo’s sent. A very big thanks to every one of you, it really is appreciated that you send in so many Contents good shots every month. Pg 2 - Welcome Pg 3 - Charter Scene I am starting 2009 with a big rant, there is a huge great chip on my shoulder and it’s name is Customer Pg 16 - Readers Articles Service. This in many TOCs eyes doesn’t exist. Here are three examples: Pg 20 - Pictures Firstly, a visit to Crewe and the Virgin staff who completely ignored some passengers, wandered off and into Pg 45 - View from the Outside their office. This was not just one Virgin staff, but several of them. Pg 45 - The Nosh Report Pg 46 - Rail Operator News Secondly, York Station where a National Express guard locked the train doors whilst they were trying to be Front Cover: Class 57 315 stands at Chester Pg 52 - Different View opened. A couple had just run down the stairs to catch the train and the guard who saw them coming waited on 8th December with one of the first Pg 53 - Preserved Railways until the man’s hand was a couple of inches from the handle and then locked it. This was pure badness by runnings of “Y Gerallt Gymro - the One Pg 62 - International Nat Ex’s staff.
    [Show full text]
  • Forward Crossword …………………..………………………………………………………………
    Journal of the Great Central Railway Society No. 154 December 2007 Front cover caption BR class C13 4-4-2T no. 67416 at Chesham with the branch push-pull service from Chalfont in the 1950s. The locomotive was built in 1903 as GCR class 9K and survived until 1958. The ex- Metropolitan Railway stock used on this service (built by Ashbury of Manchester) has been the subject of an award-winning restoration project on the Bluebell Railway. Photo: E. D. Thomas The Journal of the Great Central Railway Society No. 154 ~ December 2007 Contents Editorial by Bob Gellatly …………………………………………………………………….………….. 2 The Wombwell accident of 1911 by Jim Thompson .……………………………….……. 4 Len's Stratford-on-Avon & Midland Joint (part 2) bus trip by Ken Grainger… 8 The Knightsbridge connection by Michael Minter Taylor…………………………….... 12 The LNER Study Group symposium…………………………………………………….………. 13 Sheffield Victoria through the lens of 'loose grip 99' photo feature………..… 14 Demolition of Staveley Central by Chris Booth …………………………………………… 15 Sale of books by Colin Walker ………………………………………………………..…..……. 18 On Great Central lines today by Kim Collinson….…..……………………….….….……... 19 Caption feedback on Whitworth photos at Guide Bridge ………………….…….. 20 Members and their models – 'A Robinson 0-8-4T ' by Geoff Burton ………..…. 21 The GCRS Autumn Meeting at Ruddington by Paul White ..…………….……..….. 22 Locomotive performance in the declining days of the GCR route an article by John F. Clay from 'The Railway Observer' of June 1964 …………………. 27 The fall and rise of the GC main line by Dennis Wilcock …………………...…………. 33 Forward crossword …………………..……………………………………………………………….. 36 The Warsop Curve dispute of 1908 by Bill Taylor ………………………………………… 37 Readers forum …………………………………………………………………….……………………… 40 back Meetings diary …………………………………………………………………………………………… cover - 1 - Editorial by Bob Gellatly I have been told by one GCRS member that the editorial in the last issue had made him feel depressed.
    [Show full text]
  • Long Term Passenger Rolling Stock Strategy for the Rail Industry
    Long Term Passenger Rolling Stock Strategy for the Rail Industry Sixth Edition, March 2018 This Long Term Passenger Rolling Stock Strategy has been produced by a Steering Group comprising senior representatives of: • Abellio • Angel Trains • Arriva • Eversholt Rail Group • FirstGroup • Go-Ahead Group • Keolis • Macquarie Rail • MTR • Network Rail • Porterbrook Leasing • Rail Delivery Group • SMBC Leasing • Stagecoach Cover Photos: Top: Bombardier built Class 158 DMU from the early 1990s Middle: New Siemens built Class 707 EMU Bottom: Great Western Railway liveried Hitachi Class 802 Bi-mode awaits roll-out Foreword by the Co-Chairs of the Rolling Stock Strategy Steering Group The Rolling Stock Strategy Steering Group is pleased to be publishing the consolidated views of its cross-industry membership in this sixth edition of the Long Term Passenger Rolling Stock Strategy. The group is formed of representatives from rolling stock owners, train operators, Rail Delivery Group and infrastructure owner Network Rail, and endeavours to provide an up-to-date, balanced and well-informed perspective on the long term outlook for passenger rolling stock in the UK. Investment commitments made in recent years are now being delivered in volume and the benefits of modern, technically advanced trains are being enjoyed by passengers on an increasing number of routes. A further 1,565 vehicles were ordered during the last year, bringing the total commitment since 2014 to nearly 7,200 vehicles. New train manufacturers continue to be drawn to the UK and and other new entrants to the vehicle leasing market have brought additional investment and competition to the specialist sector.
    [Show full text]
  • Review of the Rolling Stock Leasing Market Investigation Order 2009
    Final decision Review of the Rolling Stock Leasing Market Investigation Order 2009 28 April 2020 Contents 1. Introduction 3 ORR’s role 4 Purpose and scope of the review 5 2. Market developments 7 Introduction 7 How the market works 7 Franchising policy 9 Barriers to entry 10 Choice/ Availability 12 Incentives 15 Future market changes 18 Summary conclusion: market developments 18 3. Compliance 19 Compliance with the Undertakings 19 Compliance with the Transparency Order 19 Conclusion on compliance 20 4. Consultation responses 21 5. Final decision on whether to recommend a further CMA review 23 1. Introduction 1.1 In July 2019, we launched a review into the remedies put in place by the Competition Commission (“CC”) in the franchised passenger rolling stock leasing market in 2009.1 This final report concludes our review. It sets out our findings on market developments and industry compliance with the remedies, and a summary of the submissions we received in response to our provisional findings consultation, published in January 2020. We have concluded not to advise the Competition and Markets Authority (“CMA”) that it undertake further work to consider removing or varying the Transparency Order.2 1.2 Unless otherwise stated, all definitions used in this consultation document are contained in the Transparency Order and the Undertakings, both of which are contained in the Annex. Background 1.3 Due to the mismatch between the length of rail franchises and the ‘usable life’ of rolling stock, it is necessary to have a means by which Train Operating Companies (“TOCs”) operating passenger franchises are able to lease trains to deliver their franchise commitments, without taking ownership of them for their full life spans.
    [Show full text]
  • Great Rolling Stock Company Plc, the 9 January 2020 Annual Update to Credit Analysis
    INFRASTRUCTURE AND PROJECT FINANCE CREDIT OPINION Great Rolling Stock Company Plc, The 9 January 2020 Annual Update to Credit Analysis Update Summary Angel Trains' credit quality benefits from 1) the size, scale and fleet diversity of its leasing business resulting from its position as the UK's largest ROSCO, 2) a good operating history since privatisation, with very high rolling stock utilisation rates, 3) a track record of stable industry oversight and support from the UK Department for Transport (DfT), 4) favourable RATINGS and defensive market dynamics, with a strong long-term passenger growth outlook and Great Rolling Stock Company Plc, The 5) the protective features of Angel Trains' ring-fenced financing structure. Credit quality is Domicile United Kingdom constrained, however, by 1) exposure to train re-leasing risk and 2) the potential for adverse Long Term Rating Baa2 rail industry regulatory change. Our current forecast net debt to EBITDA for Angel Trains is Type Senior Secured - Dom Curr currently lower than other Baa2 rated peers. However, we note that new train procurement Outlook Stable opportunities are not included in our forecasts. If successful in bidding for a sizeable new rolling stock procurement, we expect that Angel Trains would likely fund the cost with Please see the ratings section at the end of this report for more information. The ratings and outlook shown significant amounts of senior debt. reflect information as of the publication date. Exhibit 1 Angel Trains is the largest UK ROSCO, based on number of rail
    [Show full text]