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Cordova Funding Corp. Aug 11 Product Image

Cordova Funding Corp. Aug 11

  • ID: 1869917
  • August 2011
  • Standard & Poors

FEATURED COMPANIES

  • CE Generation LLC
  • Cordova Funding Corp.
  • MidAmerican Energy Co.
  • MidAmerican Funding LLC
  • Northern Electric PLC
  • Northern Natural Gas Co.
  • MORE

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.
- Northern Powergrid (Yorkshire) PLC
- Northern Electric PLC
- Midwest Power Systems Inc.
- MidAmerican Energy Co.
- Salton Sea Funding Corp.
- Kern River Gas Transmission Co.
- Yorkshire READ MORE >

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

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