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Bulletin: Long Beach Bond Finance Authority's Bond Ratings Unaffected By Counterprty Outlook Revision May 08
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 Long Beach Bond Finance Authority's $635.7 million revenue bonds series 2007A due 2037 and $251.7 million revenue bonds series 2007B (LBBFA; A+/Negative) due 2033. The rating on the prepay transaction is currently tied to the rating on LBBFA's gas supplier, Merrill Lynch Commodities Inc. (not rated; MLCI). Merrill Lynch & Co. Inc. (A+/Negative/A-1) guarantees MLCI's obligations under the LBBFA prepaid transaction. Standard & Poor's could revise the ratings or outlook on the LBBFA bonds if the rating or outlook on one of LBBFA's other counterparties becomes the...
Companies mentioned in this report are: Long Beach Bnd Fin Auth,Merrill Lynch & Co. Inc.,Royal Bank of Canada,Long Beach Bond Finance Authority (Gas Prepay)
Action: Bulletin
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