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Summary: Tenaska Washington Partners L.P. Jun 10

  • ID: 1871075
  • June 2010
  • Region: Washington
  • Standard & Poors
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FEATURED COMPANIES

  • ConocoPhillips
  • Mitsubishi Corp.
  • MORE

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 READ MORE >

Note: Product cover images may vary from those shown
2 of 3

- Mitsubishi Corp.
- ConocoPhillips

Note: Product cover images may vary from those shown
3 of 3
Note: Product cover images may vary from those shown

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