London, 29 June 2015 -- Moody's Investors Service, ("Moody's") has today downgraded to Ba1 from Baa1 the ratings of the GBP218 million of index-linked guaranteed secured bonds due 2040 (the Bonds) issued by Catalyst Healthcare (Manchester) Financing plc (the Issuer) and a GBP175 million guaranteed secured loan provided by the European Investment Bank (the EIB Debt) reflecting the ongoing dispute between the project vehicle, Catalyst Healthcare (Manchester) Limited (ProjectCo), and the Central Manchester University Hospitals NHS Foundation Trust (the Trust) regarding fire compartmentation at the project hospital which increases the risk of project termination. Concurrently the ratings have been placed on review for downgrade reflecting the lack of clarity as to how the underlying dispute between ProjectCo and the Trust will proceed in the coming months and the impact on ProjectCo.

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