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Bulletin: Rating On Florida Gas Utility Prepay Bonds Unaffected By Counterparty Outlook Revision Apr 08
Standard & Poors, April 2008
Abstract
NEW YORK (Standard & Poor's) April 30, 2008--Standard & Poor's Ratings Services said today that the April 29, 2008 outlook revision of Transamerica Occidental Life Insurance Co. (AA/Negative/A-1+) does not affect the rating or outlook on Florida Gas Utility's (FGU) series 2006A bonds (AA-/A-1+/Negative). The rating on the prepay transaction is currently tied to the rating on FGU's gas supplier, UBS AG (AA-/Negative/A-1+). Standard & Poor's could lower the rating on FGU's transaction if it lowers the rating on UBS or one of the other counterparties in the transaction becomes the primary ratings constraint. Transamerica Occidental Life Insurance is one of the guaranteed investment contract (GIC) providers for the debt service reserve account in FGU's $694.2 million gas supply acquisition...
Companies mentioned in this report are: Transamerica Occidental Life Insurance Co.,UBS AG
Action: Bulletin
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.
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