Research Update: LSP Batesville Funding Corp. Aug 04
- ID: 1787466
- August 2004
- Standard & Poors
Standard & Poor's Ratings Services affirmed its 'B-' rating on LSP Batesville Funding Corp./LSP Energy L.P.'s (LSP Batesville) $326 million senior secured bonds in response to the request from LSP Batesville following the announcement by NRG Energy Inc. (NRG; B+/Stable/--) that NRG had reached an agreement to sell its 100% interest in LSP Batesville to CEP Batesville Acquisition LLC, which is not a rated entity. The outlook is negative. Normally, Standard & Poor's would rate a 100%-owned subsidiary at a maximum of three notches above the rating of the parent based on bankruptcy-remoteness provisions, given that the stand-alone analysis of the subsidiary warrants a higher rating. However, at the current rating level of LSP Batesville based on the stand-alone analysis,...
Companies mentioned in this report are:
- ANR Pipeline Co.
- Texas Gas Transmission LLC
- Virginia Electric & Power Co.
- KCP&L Greater Missouri Operations Co.
- Tennessee Gas Pipeline Co.
- NRG Energy Inc.
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Product Type: Research Update
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