Network Rail confirms plans to raise £4bn debt

Network Rail has confirmed plans to raise £4bn of debt on the public markets, according to the Guardian this morning.

Yesterday the rail infrastructure company revealed in its interim results for the half year to 30 September 2008 that levels of net debt hit £20bn.

It expects borrowing to climb to £30bn by 2014.

Network Rail chief executive Iain Coucher added that Network Rail was close to securing an agreement with the Office of Rail Regulation (ORR) over closing a £2.6bn funding gap in its £28.5bn spending programme for 2009-14.