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Bulletin: SA Energy Acquisition Public Facility Bnd Rating 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 rating or outlook on SA Energy Acquisition Public Facility Corp.'s series 2007 bonds (PFC; AA-/Negative). The rating on the prepay transaction is currently tied to PFC's gas supplier, J. Aron (not rated). The Goldman Sachs Group Inc. (AA-/Negative/A-1+) guarantees J. Aron's obligations. Furthermore, we could revise the rating if the rating on one of PFC's other counterparties becomes the primary ratings constraint on the transaction. RBC is the counterparty for the commodity swap to PFC's $644.3 million series 2007 gas project revenue bonds due 2027. The series 2007 bondholders rely on...
Companies mentioned in this report are: SA Energy Acquisition Public Facility Corp. (Gas Prepay),Royal Bank of Canada,Goldman Sachs Group Inc. (The)
Action: Bulletin
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