London, 05 March 2015 -- Moody's Investors Service, ("Moody's") has today downgraded to Baa3 from Baa1 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 negative impact on ProjectCo's liquidity position resulting from the Peterborough and Stamford Hospitals NHS Foundation Trust (the Acute Trust) withholding large portions of service payments in January and February 2015. There is now an increased risk that ProjectCo will not be able to meet its senior debt service obligations in October 2015. Concurrently, Moody's has changed the outlook of the ratings to on review - direction uncertain, 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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