U.K. based entity High Speed Rail Finance PLC (HSRF) has proposed to issue up to £314 million of rated debt. S&P Global Ratings finds it noteworthy that the debt is to be bought by US investors (with Canadian shareholders), as it shows that there is still a strong appetite for UK infrastructure despite Brexit.   HSRF’s project operating company High Speed 1 Ltd. (HS1), which connects St. Pancras International station with the Channel Tunnel, has an already £870 million in outstanding rated debt. However, S&P Global Ratings has given the additional proposed debt a preliminary long-term ‘A-’ rating with a stable outlook, due to the project’s strong competitive position, very low market risk, and the company’s transparent and supportive regulatory framework. The official rating report details the company’s transaction, liquidity, performance and market risks, as well as the best and worst case operational scenarios. However, here are a few key quotes from the primary credit analyst on this project, Rachel Goult: “The rating is supported by the project’s strong contractual structure, including advance train path reservation and payment by train operators and an agreement guaranteed by the U.K. government underpinning domestic train paths. These help to provide performance resilience against stressed operating conditions.” “We assess the project’s competitive position as strong, reflecting that HS1 provides the sole high-speed rail connection between London and continental Europe.”