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Bulletin: Tennessee Engy Acquisition 2006C Bond Rating Unaffected By 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 Tennessee Energy Acquisition Corp. series 2006C bonds (TEAC; AA-/Negative). The rating on the prepay transaction is currently tied to the rating on TEAC's gas supplier, J. Aron & Co. The Goldman Sachs Group Inc. (AA-/Negative/A-1+) guarantees J. Aron's obligations. Standard & Poor's could lower the rating on TEAC's 2006C transaction if one of the other counterparties in the transaction becomes the primary ratings constraint. Royal Bank of Canada Europe Ltd. (RBCEL; not rated) is one of the counterparties for the fixed-price commodity swap to TEAC's $1.1 billion...
Companies mentioned in this report are: Tennessee Energy Acquisition Corp. (Gas Prepay),Royal Bank of Canada,Goldman Sachs Group Inc. (The)
Action: Bulletin
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