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Research Update: Main Street Natural Gas 2006B Ratings Lowered To 'A'; Outlook Negative On Bank Of America Downgrade Mar 09 Product Image

Research Update: Main Street Natural Gas 2006B Ratings Lowered To 'A'; Outlook Negative On Bank Of America Downgrade Mar 09

  • ID: 1791567
  • March 2009
  • Region: America, United States
  • Standard & Poors

FEATURED COMPANIES

  • Bank of America Corp.
  • Merrill Lynch & Co. Inc.
  • MORE

Abstract
On March 4, 2009, Standard & Poor's Ratings Services lowered its ratings on Main Street Natural Gas Inc.'s $527.6 million series 2006B gas revenue bonds to 'A' from 'A+'. The outlook is negative. The ratings on the Main Street 2006B transaction are currently linked to the rating on Merrill Lynch & Co. Inc. (A/Negative/A-1), which guarantees the obligations of Merrill Lynch Commodities Inc. (MLCI; unrated). On March 3, 2009, Standard & Poor's lowered the ratings on Merrill Lynch & Co. Inc. and its parent Bank of America Corp. (BofA) to 'A' from 'A+'. The downgrade reflects Standard & Poor's belief that general economic weakness will persist and that in turn, earnings pressures for BofA will be more intense than previously...

Companies mentioned in this report are:
- Main Street Natural Gas Inc. (Gas Prepay)
- Merrill Lynch & Co. Inc.
- Bank of America Corp.

Action: Downgraded
Action: Outlook: Negative

Standard and Poors RatingsXpress Credit Research provides in-depth coverage of international corporates, financial institutions, insurance companies, utilities, sovereigns and structured finance programs. RatingsXpress READ MORE >

- Main Street Natural Gas Inc. (Gas Prepay)
- Merrill Lynch & Co. Inc.
- Bank of America Corp.

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