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Bulletin: Roseville Natural Gas Financing's 2007A Bonds Rating Unaffected By Surety Ownership Change
Standard & Poors, Nov 2008
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) Nov. 19, 2008--Standard & Poor's Ratings Services said today that Assured Guaranty, LTD.'s (A+/Stable/--) agreement to acquire Financial Security Assurance Holdings Ltd. (A+/Watch Dev/--), including Financial Security Assurance Inc. (FSA; AAA/Watch Neg), from Belgium-based banking group Dexia S.A. (not rated) does not affect the ratings on Roseville Natural Gas Financing Authority's (RNGFA) prepay transaction (A/Watch Dev) at this time. FSA's surety policy provides credit enhancement should a municipal participant fail to pay for gas delivered. The surety is equal to the three-month maximum gas supply contract payments at $40 per million Btu. The CreditWatch on FSA reflects the risk that the acquisition by Assured will not be completed, which could impair FSA's ability to raise...
Companies mentioned in this report are: Roseville Natural Gas Financing Authority (Gas Prepay),Assured Guaranty Municipal Corp.,Assured Guaranty Municipal Holdings Inc.,Assured Guaranty, LTD.
Action: Bulletin
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