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Green Evaluation: Bazalgette Finance plc (Tideway), July 5, 2019

In May 2016, Bazalgette Tunnel Ltd. established its £10 billion, multicurrency bond program. Proceeds are raised through its debt-financing platform, Bazalgette Finance plc, and used to design, build, and maintain the Thames Tideway Tunnel (TTT) in London. Our Green Evaluation applies to all bond series issued under this program, including all bonds issued since June 2016. S&P Global Ratings views this transaction as aligned with the Green Bond Principles 2018 (GBP) defined by the International Capital market Association. We have conducted a review of our initial Green Evaluation on Bazalgette Tunnel's £10 billion bond program completed in November 2017, which has led to no change to the overall score.