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Bulletin: Salt Verde Financial's Bond Ratings Unaffected Re: Counterparty Outlook Revision
Standard & Poors, May 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) 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 ratings or outlook on Salt Verde Financial Corp.'s (SVFC) series 2007 senior secured bonds (AA-/Watch Neg) and its series 2007 senior subordinated bonds (AA-/Watch Neg). The rating on the senior notes is currently tied to the rating of Salt Verde's gas supplier, Citigroup Energy Inc. (CEI; not rated). Citigroup Inc. (AA-/Watch Neg/A-1+) guarantees CEI's obligations. The rating on the subordinated bonds is independently rated the same as the senior secured bonds, and is tied to CEI as well as the ratings of the other transaction counterparties. RBC is the counterparty of...
Companies mentioned in this report are: Salt Verde Financial Corp. (Gas Prepay),Royal Bank of Canada,Citigroup Inc.
Action: Bulletin
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