Tennessee Energy Acquisition Corp.; Gas Jun 06
Standard & Poors, June 2006
Abstract
Standard & Poor's Ratings Services assigned its preliminary 'A+' rating to Tennessee Energy Acquisition Corp.'s (TEAC) $2 billion tax-exempt senior bonds series 2006a-1 and 2006a-2. The rating is primarily tied to that of The Goldman Sachs Group (A+/Positive/A-1), which has guaranteed gas supplier J. Aron & Co.'s obligation in the transaction. The outlook on the bonds is positive. The rating is subject to the receipt of final transaction documentation under substantially identical terms as those reviewed. Bond proceeds will be used mainly to fund the prepayment of 486 billion cubic feet of natural gas to be supplied by J. Aron to TEAC and its members over 20 years. TEAC is also issuing $130.7 million in subordinated tax-exempt debt to fund...
Companies mentioned in this report are:
- The Goldman Sachs Group Inc.
- Tennessee Energy Acquisition Corp. (Gas Prepay)
Action: Review
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: Full Analysis
- The Goldman Sachs Group Inc.
- Tennessee Energy Acquisition Corp. (Gas Prepay)
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