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Cordova Funding Corp. Aug 11 Product Image

Cordova Funding Corp. Aug 11

  • Published: August 2011
  • Standard & Poors

Abstract
Standard & Poor's Ratings Services' rating on Cordova Funding Corp.'s (CFC) $225 million ($165.4 million outstanding as of June 30, 2011) senior secured bonds due 2019 is 'BB'. The recovery rating of '1' indicates our expectation of very high (90% to 100%) recovery of principal in the event of a default. The outlook is stable. CFC is the funding vehicle for Cordova Energy Co. LLC (Cordova), the operator of a 537-megawatt (MW) natural-gas-fired, combined-cycle power plant in Rock Island County, Ill., that began commercial operation in June 2001. MidAmerican Energy Holdings Co. (MEHC; BBB+/Stable/--) wholly owns CFC and Cordova. The project sells its entire capacity and energy to Constellation Energy Commodities Group (CECG) through a tolling agreement that runs through...

Companies mentioned in this report are: Cordova Funding Corp.,Iowa-Illinois Gas & Electric Co.,Northern Natural Gas Co.,PacifiCorp,MidAmerican Energy Holdings Co.,Yorkshire Electricity Distribution PLC,Northern Electric PLC,Midwest Power Systems Inc.,MidAmerican Energy Co.,Salton Sea Funding Corp.,Kern River Gas Transmission Co.,Yorkshire Power Group Ltd.,CE Electric U.K. Funding Co.,CE Generation READ MORE >

Cordova Funding Corp.,Iowa-Illinois Gas & Electric Co.,Northern Natural Gas Co.,PacifiCorp,MidAmerican Energy Holdings Co.,Yorkshire Electricity Distribution PLC,Northern Electric PLC,Midwest Power Systems Inc.,MidAmerican Energy Co.,Salton Sea Funding Corp.,Kern River Gas Transmission Co.,Yorkshire Power Group Ltd.,CE Electric U.K. Funding Co.,CE Generation LLC,MidAmerican Funding LLC,Constellation Energy Group Inc.,Northern Electric Distribution Ltd.,Northern Electric Finance PLC,Yorkshire Electricity Group PLC

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