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California Petroleum Transport Corp. May 11
Standard & Poors, May 2011
Abstract
Fixed-rate charters with Chevron Transport Corp. provide stable revenue to cover debt service; Chevron Corp. guarantees Chevron Transport's charter obligations; and Excess cash is trapped in the project structure to provide liquidity. Chevron Corp.'s guarantee is not consistent with our guarantee criteria. Standard & Poor's Ratings Services rates California Petroleum Transport Corp.'s (CalPetro) $117.9 million first-preferred mortgage notes due 2015 ($38.1 million outstanding) 'A+'. The outlook on the rating is stable. CalPetro, a special-purpose, bankruptcy-remote entity incorporated in Delaware, owns three double-hulled Suezmax petroleum-tanker vessels: the Cygnus Voyager, Altair Voyager, and Sirius Voyager. These vessels operate under long-term bareboat charter contracts with Chevron Transport Corp., an unrated subsidiary of Chevron Corp. (AA/Stable/A-1+). The term notes are secured, equally and ratably,...
Companies mentioned in this report are: California Petroleum Transport Corp.,Chevron Corp.
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
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