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Bulletin: Southern California Public Power Auth Bond Rating Unaffected By Counterparty Downgrade
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 9, 2008--Standard & Poor's Ratings Services today noted that the May 8, 2008 rating downgrade of American International Group Inc. (AIG; AA-/Watch Neg/A-1+) and its subsidiary AIG Matched Funding Corp. (AIGMFC; AA-/Watch Neg/A-1+) does not affect the ratings or outlook on Southern California Public Power Authority's (SCPPA) series 2007A and 2007B bonds (AA-/Negative). The rating on the prepay transaction is currently tied to SCPPA's gas supplier, J. Aron & Co. (not rated). The Goldman Sachs Group Inc. (GSG; AA-/Negative/A-1+) guarantees J. Aron's obligations under the SCPPA prepaid transaction. Standard & Poor's could lower the ratings on SCPPA's $303 million series 2007A gas project revenue bonds due 2033 and $201.5 million series 2007B gas project...
Companies mentioned in this report are: Southern California Public Power Authority (Gas Prepay),American International Group Inc.,AIG Matched Funding Corp.,Goldman Sachs Group Inc. (The)
Action: Bulletin
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