§ Matthew TaylorTo ask the Secretary of State for Transport, Local Government and the Regions if he has drawn up contingency plans for the company limited by guarantee if it fails to achieve a credit rating of A/A2; and if he will make a statement. [24179]
§ Mr. JamiesonIt is for the administrator to put a proposal for a transfer scheme before my right hon. Friend the Secretary of State, based on any propositions he receives. The administrator and all potential bidders will need to take account of the guidelines issued in response to a question from my hon. Friend the Member for Gedling (Vernon Coaker) on 31 October 2001,Official Report, columns 669–71W. The guidelines specify, among other things, that potential bidders should be able to demonstrate that their proposed successor company will have a sufficiently high investment grade credit rating to raise the necessary finance for its activities.