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RNS Number : 4546I

Transport For London

01 April 2020

THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION FOR THE PURPOSES OF ARTICLE 7 OF THE MARKET ABUSE REGULATION (EU) 596/2014.

Transport for London (TfL)

1 April 2020

Fitch has placed Transport for London on Rating Watch Negative

Transport for London ("TfL") announces t hat, reflecting the downgrade by Fitch Ratings Limited ("Fitch") of the UK's Issuer Default Rating ("IDR") on 27 March 2020, Fitch has placed TfL's IDR on Rating Watch Negative.

Following the rating action on the UK sovereign, TfL's rating is equalised with that of the sovereign under Fitch's Government Related Entity Criteria. Nevertheless, Fitch has announced that they will reassess TfL's standalone credit profile to determine the impact of the coronavirus outbreak on its finances. Fitch will assess the Government support in light of the severe impact on TfL's operations and analyse how this may mitigate any significant deterioration in TfL's financial profile which may in turn impact its IDR.

For further information, please contact:

Transport for London

5 Endeavour Square

London E20 1JN

Email: GroupTreasury@tfl.gov.uk

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END

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April 01, 2020 10:04 ET (14:04 GMT)

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