Summary: Crockett Cogeneration, A California L.P. Dec 08
Standard & Poors, December 2008
Abstract
Standard & Poor's Ratings Services rating on Crockett Cogeneration, A California Limited Partnership's $295 million senior secured notes due 2025 is 'BBB-'. The outlook is negative. Crockett is a 240 MW natural gas-fired electric cogeneration facility located in Crockett, Calif., about 25 miles east of San Francisco. Crockett is a qualifying facility (QF) selling power to Pacific Gas & Electric Co. (PG&E) (BBB+/Stable) under the terms of a power purchase agreement (PPA) that expires in 2026. In addition, Crockett sells steam to C&H Sugar Company Inc. (C&H) (not rated) under the terms of a steam sales agreement that also expires in 2026. Natural gas is provided by BP Canada Energy Marketing Corp., an affiliate of BP Canada Energy Co. (AA+/Stable/A-1+),...
Companies mentioned in this report are:
- Crockett Cogeneration, A California L.P.
- General Electric Co.
- Pacific Gas & Electric Co.
- BNP Paribas
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.
This product consists of a Summary Analysis: Bi-annual (at least). An abbreviated analysis containing Standard & Poor's issuer credit ratings as of the time the article was published. The analysis includes a rating rationale - the basis on which the rating was assigned - and an outlook section if the issuer is not on CreditWatch. Financial statistics are not included.
- Crockett Cogeneration, A California L.P.
- General Electric Co.
- Pacific Gas & Electric Co.
- BNP Paribas
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