Glenn Pool Oil & Gas Trust I $397,438,409 Volumetric Production Payment Loan Rated 'BBB (sf)'
Standard & Poors, May 2011
Abstract
NEW YORK (Standard & Poor's) May 16, 2011--Standard & Poor's Ratings Services today assigned its 'BBB (sf)' rating to Glenn Pool Oil & Gas Trust I's $397,438,409 loan backed by volumetric production payments (VPPs). A VPP transaction grants an overriding royalty interest in the production of a set volume of oil and/or natural gas from a given portfolio of wells. The rating reflects our opinion of the credit enhancement that is available in the form of the expected excess oil and/or gas production, the commodities and interest rate hedges, the deferability of interest payments if Chesapeake Exploration LLC defaults, and the low likelihood of production interruptions. The rating is also based on our view that other entities possess the requisite...
Companies mentioned in this report are: Glenn Pool Oil & Gas Trust I
Action: New Rating
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.
Glenn Pool Oil & Gas Trust I
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