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California Utility Crisis Does Not Threaten Bond Insurers' Ratings
Standard & Poors, Jan 2001
Standard and Poors RatingsXpress Credit Research provides in-depth coverage of international corporates, financial institutions, insurance companies, utilities, sovereigns and structured finance programs. RatingsXpress Credit Research lets users determine the credit rating of holdings and identify key factors underlying an issuer's creditworthiness, distinguishes the different risk exposures for new and existing deals, and provides an understanding of how their analysts interpret key regulatory, political and environmental events and their economic impact.
Research type: News
This product is a is a brief one-page announcement of no more than 500 words with a quote from the analyst. It is media and investor focused with no accompanying commentary article.
Abstract
NEW YORK (Standard & Poor's CreditWire) Jan. 29, 2001 -- The California utility crisis that has resulted in defaulted principal and interest payments and the potential for bankruptcy by the two leading investor-owned utilities in the state does not currently pose a threat to any of the monoline bond insurers' ratings, Standard & Poor's said today. This conclusion is based on the limited exposure that most of the companies have to the affected credits plus the expectation that ultimate losses, if any, will be limited to a modest fraction of the outstanding exposure. In the near term, however, the insurers' liquidity resources will be called upon to cover missed debt service payments until a workable solution is put in place....
Companies mentioned in this report are: California,Pacific Gas & Electric Co.,Southern California Edison Co.,Radian Reinsurance Inc.,Assured Guaranty Corp,MBIA Inc.,Ambac Financial Group, Inc.,Radian Asset Assurance Inc.,RAM Reinsurance Co Ltd.,California Indpt Sys Operator Corp
Action: S&P Event
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