Summary: Tenaska Washington Partners L.P. Jun 10

Standard & Poors, June 2010

Abstract
The rating on Tenaska Washington Partners (TWP) L.P.'s $30 million (as of March 31, 2010) first mortgage bonds due in 2011 is 'BBB'. The outlook is stable. Tenaska Washington's Ferndale cogeneration project is a 270 megawatt (MW) facility near Ferndale, Wash., that sells power exclusively to Puget Sound Energy (PSE; BBB/Stable/A-2) under a power purchase agreement (PPA) whose primary term expires Dec. 31, 2011. PSE is the project's principal gas supplier, thus taking on all fuel-price and fuel-supply risk. The project's economics mainly rely on energy revenue generated from the PPA. The project's economics have benefited recently from displacement revenue that is earned when both parties agree to use power from less expensive sources and share the variable cost savings....

Companies mentioned in this report are: Mitsubishi Corp.,ConocoPhillips
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.

Mitsubishi Corp.,ConocoPhillips

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