Merchant Power: Project Finance Criteria Sep 99
Standard & Poors, September 1999
Abstract
Three years ago, Standard & Poor's published the first criteria aimed at providing project sponsors with a guide to how Standard & Poor's would rate project-financed merchant power plants (MPPs). Since that time, Standard & Poor's has reviewed and analyzed proposed MPP financings in the U.K., the U.S., Latin America, and Australia. In the past two years, Standard & Poor's has issued investment-grade ratings on six merchant power projects and one merchant generating company in the U.S. (see table 1). Each transaction has demonstrated a new facet of merchant power complexity and illustrates just how quickly this form of independent power is evolving. As countries have learned from others' deregulation experiences, deregulation of the world's electric supply industry (ESI) has...
Companies mentioned in this report are:
- Enfield
- Illinois
- California
- Australia (Commonwealth of) (Unsolicited Ratings)
- Dominion Resources Inc.
- GenCorp Inc.
- United Kingdom (Unsolicited Ratings)
- Enron Corp.
- United States of America (Unsolicited Ratings)
- National Grid Gas PLC
- Edison Mission Energy
- The AES Corp.
- Chile (Republic of)
- Argentina (Republic of) (Unsolicited Ratings)
- Disco S.A.
- Kincaid Generating LLC
- USGen New England, Inc.
- AES Ironwood LLC
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: Commentary
Criteria articles describe the thought process and methodology Standard & Poor's analysts use in determining ratings. These commentary pieces discuss both the quantitative (economic and financial) and qualitative (business analysis and caliber of management) aspects of the analysis, as well as legal issues.
- Enfield
- Illinois
- California
- Australia (Commonwealth of) (Unsolicited Ratings)
- Dominion Resources Inc.
- GenCorp Inc.
- United Kingdom (Unsolicited Ratings)
- Enron Corp.
- United States of America (Unsolicited Ratings)
- National Grid Gas PLC
- Edison Mission Energy
- The AES Corp.
- Chile (Republic of)
- Argentina (Republic of) (Unsolicited Ratings)
- Disco S.A.
- Kincaid Generating LLC
- USGen New England, Inc.
- AES Ironwood LLC
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