Eurotunnel has moved a step closer to achieving its aim of reducing debt and interest costs with the rating of its second securitisation issue.

Moody's Investors Service and Standard & Poor's have rated Fixed-Link Finance 2, a transaction comprising secured fixed rate sterling and euro-denominated bonds. The transaction is being arranged and managed by Dresdner Kleinwort Wasserstein and Merrill Lynch, which also ran Fixed-Link Finance 1 in 2001.