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BULLETIN: NEGT Deal to Sell Plant Interests Does Not Affect Rating on Plant Bonds
Standard & Poors, Sep 2004
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) Sept. 24, 2004-Standard & Poor's Ratings Services today said it does not expect National Energy & Gas Transmission Inc.'s (NEGT; D/--/--) recent announcement of its agreement with GS Power Holdings II LLC (GS Power), a wholly-owned subsidiary of The Goldman Sachs Group Inc. (Goldman Sachs; A+/Stable/A-1), to sell NEGT's equity interests in 12 power plants, including Selkirk Cogen and Indiantown Cogen, and a natural gas pipeline for $656 million to affect the ratings on the senior secured bonds of Selkirk Cogen and Indiantown Cogen. Standard & Poor's is analyzing the possible effects of the proposed ownership change on the projects. Goldman Sachs, through its ownership of Cogentrix Energy Inc. (BB-/Stable/--), already owns interests in the...
Companies mentioned in this report are: Selkirk Cogen Funding Corp.,Cogentrix Energy Inc.,Goldman Sachs Group Inc. (The),National Energy & Gas Transmission Inc.
Action: Bulletin
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