Research Update: Ratings On Salt Verde Financial Senior, Subordinate Bonds Placed On Watch Negative Apr 08
Standard & Poors, April 2008
Abstract
On April 18, 2008, Standard & Poor's Ratings Services placed its 'AA-' senior secured debt rating and 'AA-' subordinated debt rating on Salt Verde Financial Corp.'s $1.13 billion senior secured gas project revenue bonds and $29 million subordinated gas project revenue bonds on CreditWatch with negative implications. The CreditWatch listing on the bonds reflects the April 18, 2008 CreditWatch listing on Citigroup Inc. (AA-/Watch Neg/A-1+), which guarantees the obligations of Salt Verde's gas supplier, Citigroup Energy Inc. (CEI; not rated). The action on Citigroup reflects the company's $5.1 billion first-quarter loss and anticipation of further deterioration in its loan portfolio, which could depress earnings for the intermediate term. The ratings and outlook on Salt Verde's senior secured bonds are tied...
Companies mentioned in this report are:
- Salt Verde Financial Corp. (Gas Prepay)
- Salt River Proj Agri Imp & Pwr Dist
- Royal Bank of Canada
- MBIA Insurance Corp.
- AIG Matched Funding Corp.
- Citigroup Inc.
- MBIA Inc.
Action: On CreditWatch:Negative
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.
Product Type: Research Update
Research updates complement media releases. They offer more depth and detail than summary analyses by incorporating all information published in the media release. They are more up to date than summaries in that they are published simultaneously with media releases.
- Salt Verde Financial Corp. (Gas Prepay)
- Salt River Proj Agri Imp & Pwr Dist
- Royal Bank of Canada
- MBIA Insurance Corp.
- AIG Matched Funding Corp.
- Citigroup Inc.
- MBIA Inc.
Customers who bought this item also bought
All rights reserved. © Copyright 2013 Research and Markets WWW5
Terms and Conditions Privacy Policy Publishers Employment Opportunities Site Map Link to us Webmaster Affiliate Network
