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Bulletin: Northern California Gas Auth's Bond Rtg Unaffected Re Counterparty Outlook Revision May 08 Product Image

Bulletin: Northern California Gas Auth's Bond Rtg Unaffected Re Counterparty Outlook Revision May 08

  • ID: 1755860
  • May 2008
  • Region: California
  • Standard & Poors

FEATURED COMPANIES

  • Morgan Stanley
  • Royal Bank of Canada
  • MORE

Abstract
NEW YORK (Standard & Poor's) May 2, 2008--Standard & Poor's Ratings Services today noted that the outlook revision of Royal Bank of Canada (RBC; AA-/Stable/A-1+) does not affect the rating or outlook on Northern California Gas Authority No 1's bonds (NCGA; AA-/Negative). The rating on the prepay transaction is currently tied to the rating on NCGA's gas supplier, Morgan Stanley Capital Group Inc. (MSCG; not rated). Morgan Stanley (AA-/Negative/A-1+) guarantees MSCG's obligations. Furthermore, we could lower the rating if the rating on one of NCGA's other counterparties becomes the primary rating constraint in the transaction. RBC is the counterparty for the fixed-price commodity swap of the NCGA's $88.6 million gas project revenue series 2007A bonds and $668.5 million gas project...

Companies mentioned in this report are:
- Northern California Gas Authority No. 1 (Gas Prepay)
- Royal Bank of Canada
- Morgan Stanley

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.

- Northern California Gas Authority No. 1 (Gas Prepay)
- Royal Bank of Canada
- Morgan Stanley

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