RNS Number:4221R
Network Rail Infrastructure Finance
19 September 2005



Network Rail Infrastructure Finance plc (NRIF) announces the signing of its #4bn
Euro Commercial Paper Programme and US Commercial Paper Program. NRIF's CP
Programmes are supported by a Financial Indemnity provided by the UK Government
and a three year #750m bank liquidity facility from a syndicate of commercial
banks.

NRIF's CP Programmes are not new debt, rather they are a direct replacement of
the existing #4bn Euro Commercial Paper Programme and US Commercial Paper
Program of Network Rail CP Finance plc. Dealings under NRIF's CP Programmes are
anticipated to commence from 3rd October 2005, from which time no further
commercial paper will be issued by Network Rail CP Finance plc.

Seven dealers in Europe and four in the US will participate in NRIF's CP
Programmes. NRIF's CP Programmes are rated A1+ (Standard & Poor's) P1 (Moody's)
and F1+ (Fitch)."






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