LCRF's unsecured bonds are irrevocably and unconditionally guaranteed by the UK government (HMG; AA/Negative/F1+).
As the ratings of LCRF's notes rely on HMG's guarantee and, as such, are credit-linked to the UK sovereign rating, Fitch views the only risk factor applicable to the rating is external support, which was assessed as Stronger.
Moving forward, LCRF will continue to fund pioneering, high-reward research across the spectrum of basic, clinical, and translational research that has the potential to extend survival and quality of life for people with lung cancer.
On May 20, 2015, LCRF merged with Uniting Against Lung Cancer, founded in 2001 by family and friends of Joan Scarangello McNeive, who died of lung cancer at the age of 47.
LCRF is the financing vehicle for London and Continental Railways (LCR), which was selected in 1996 as the winning consortium to construct the Channel Tunnel Rail Link (CTRL) under a private finance initiative agreement.
Given that HMG irrevocably and unconditionally funds and guarantees the full discharge of LCRF's debt service commitments, a change in HMG's rating would lead to a corresponding change in the notes' rating.
As the ratings of LCRF
's notes rely on HMG and, as such, are credit-linked to the UK sovereign rating, Fitch considers that the only risk factor applicable to the rating is external support, which was assessed as Stronger.