Tenaska Washington Partners L.P. Jun 10
Standard & Poors, June 2010
Abstract
The project's power purchase agreement (PPA) with Puget Sound Energy Inc. (PSE) expressly preserves the rate structure for the project's cash flows, even if the project loses its qualifying facility (QF) status. If PSE defaults on its fuel-supply obligations and the project has to curtail electrical output, the PPA requires PSE to make the same net payments as it would have if the default never occurred. The project's cash flows and operations are strong and above expectations. The PPA availability and capacity factor has been 100% (including displacement) since 2004. The debt service coverage ratio (DSCR) for the 12 months ended December 2009 was 2.44x. DSCRs have been above 2.00x since 2003. Upon its initial rating, the average annual forecast...
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.
Research Type: Full Analysis
Mitsubishi Corp.,ConocoPhillips
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