Summary: Power Receivable Finance LLC Aug 06
- ID: 1783400
- August 2006
- Standard & Poors
The 'BBB' rating on Power Receivable Finance LLC's (PRF) $432 million senior secured notes ($351 million outstanding as of May 31, 2006) and the 'BB+' rating on the company's $22.2 million subordinated notes ($19.9 million outstanding as of May 31, 2006) are supported by the contractual structure provided by the transaction documents, as well as by the creditworthiness of the California Department of Water Resources (CDWR), based on the 'A-' rating on the CDWR power bonds, and of J. Aron & Co. (J. Aron), whose obligations are guaranteed by The Goldman Sachs Group Inc. (GSG; A+/Positive/A-1). The ratings on the two tranches are two notches apart, based on Standard & Poor's Ratings Services' view of the difference in default probability...
Companies mentioned in this report are:
- The Goldman Sachs Group Inc.
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.
This product consists of a Summary Analysis: Bi-annual (at least). An abbreviated analysis containing Standard & Poor's issuer credit ratings as of the time the article was published. The analysis includes a rating rationale - the basis on which the rating was assigned - and an outlook section if the issuer is not on CreditWatch. Financial statistics are not included. SHOW LESS READ MORE >