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Reference:
2021/3163
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Question by:
Len Duvall OBE
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Meeting date:
15 July 2021
Credit agency Moody’s has downgraded Transport for London’s debt, citing the Government’s unwillingness to provide clarity on the operator’s long-term finances as one of the reasons for doing so ( https://www.cityam.com/moodys-downgrades-tfls-debt-says-pandemic-damage…). At a meeting of the Budget and Performance Committee on the 16 th December 2020, Simon Kilonback (Chief Finance Officer at Transport for London) said a credit rating downgrade ‘‘would have an implication not only for our cost of borrowing, but actually for many of our suppliers who themselves borrow against contracts from TfL. It would also have implications for other liabilities we have, to our pensioners and the...