Despite recent speculation linking it with a massive E10 billion ($8.5 billion) securitization, Railtrack, operator of the U.K. rail infrastructure, insists that it has yet to decide on its method of securing future financing. But, if it should decide to press forward with a transaction, the Office of the Rail Regulator will not stand in the way.

Railtrack's official line on a bond issue is guarded. "We are looking at different financing initiatives," an official for the company said. "Securitization may be one of them, but we haven't got any definite plans." Market speculation suggests that a deal is at a more advanced stage than that, with UBS Warburg and Morgan Stanley Dean Witter just two names that have been mentioned as potential arrangers.

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