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Bulletin: Florida Gas Utility's $694M Bonds Unaffected By The Downgrade Of Dexia Bank S.A. Sep 08
Standard & Poors, Sep 2008
Abstract
NEW YORK (Standard & Poor's) Sept. 29, 2008--Standard & Poor's Ratings Services said today that the downgrade of Dexia Bank S.A. (AA-/Stable/A-1+) does not affect the rating or outlook on Florida Gas Utility's (FGU) series 2006A bonds (AA-/A-1+/Negative). The rating on the prepay transaction is tied to the rating on FGU's gas supplier, UBS AG (AA-/Negative/A-1+). Standard & Poor's could lower the rating on FGU's transaction if it lowers the rating on UBS. Dexia, Calyon (AA-/Stable/A-1+), and UBS AG provide standby bond purchase agreements (SBPA) to FGU's $694.2 million gas supply acquisition project No. 2 revenue bonds due 2026. FGU bondholders rely on the SBPA to provide liquidity to the trustee to complete the periodic remarketing process, but do not...
Companies mentioned in this report are: Dexia Bank S.A.
Action: Bulletin
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: News
This product is a is a brief one-page announcement of no more than 500 words with a quote from the analyst. It is media and investor focused with no accompanying commentary article.
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