FPL Energy Virginia Funding Corp. Aug 10
Standard & Poors, August 2010
Abstract
Standard & Poor's Ratings Services rating on FPL Energy Virginia Funding Corp.'s (Doswell) $435 million senior secured bonds due 2019 is 'BBB-'. The outlook is negative. As of March 31, 2010, there was $183.5 million in debt outstanding. Doswell consists of a 708 megawatt (MW) four-unit, gas-fired combined-cycle (CC) power complex and a 171 MW simple-cycle combustion turbine (CT) peaking facility in Hanover Country, Va. The rating reflects our view of the following risks: The project's firm gas transportation agreement with Dominion Transportation Inc. (DTI), the project's gas transportation provider, does not fully cover the transportation rights for all natural gas required for generation under the power purchase agreement (PPA). Two years of prolonged operational flow orders (OFOs), which affected...
Companies mentioned in this report are: FPL Energy Virginia Funding Corp.,Virginia Electric & Power Co.,NextEra Energy Capital Holdings, Inc.
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
FPL Energy Virginia Funding Corp.,Virginia Electric & Power Co.,NextEra Energy Capital Holdings, Inc.
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