Summary: SA Energy Acquisition Public Facility Corp. (Gas Prepay)
Standard & Poors, April 2011
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.
This product consists of a Summary Analysis: Bi-annual (at least). An abbreviated analysis containing Standard & Poor's issuer credit ratings as of the time the article was published. The analysis includes a rating rationale - the basis on which the rating was assigned - and an outlook section if the issuer is not on CreditWatch. Financial statistics are not included.
Abstract
The rating on SA Energy Acquisition Public Facility Corp.'s (PFC) $644.3 million series 2007 gas project revenue bonds is 'A'. The outlook on the rating is negative. The various counterparties in the transaction include: Goldman Sachs Group Inc. (A/Negative/A-1), which guarantees the obligations of J. Aron & Co. (unrated), PFC's gas supplier; Royal Bank of Canada Europe Ltd. (RBCEL; unrated), a subsidiary of Royal Bank of Canada (AA-/Positive/A-1+), the commodity swap provider; Syncora Guarantee Inc. (not rated), the debt service reserve and working-capital surety bond provider; and DEPFA Bank PLC (BBB/Stable/A-2), the repurchase agreement provider. PFC is a special-purpose entity established to issue the bonds, the proceeds of which will fund the prepayment of about 146 billion cubic feet of...
Companies mentioned in this report are: SA Energy Acquisition Public Facility Corp. (Gas Prepay)
Action: Review
SA Energy Acquisition Public Facility Corp. (Gas Prepay)
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