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Tenaska Gateway Partners Ltd. Jun 11
Standard & Poors, June 2011
Abstract
Tenaska Gateway Partners Ltd. (Gateway) is a Texas limited partnership that owns an 845 megawatt (MW) (nominal) combined-cycle gas power plant located in Rusk County, Texas and related project contracts. The project sells capacity and energy under a 22.5-year tolling agreement with Shell Energy North America (US) L.P. (SENA: A-/Stable/NR) that expires in January 2024. Shell Oil Co. (AA/Stable/A-1+) fully guarantees SENA's obligations under the power purchase agreement (PPA), subject to a limit of $850 million, which amortizes in-line with the bonds' scheduled redemption profile. The project's previous offtaker, Coral Power, was merged into SENA in June 2008; the merger had no impact on Gateway's rating. The rating on Tenaska Gateway Partners Ltd.'s (Gateway) $347 million ($292 million or about...
Companies mentioned in this report are: Tenaska Gateway Partners Ltd.,General Electric Co.,Mitsubishi Corp.,Shell Oil Co.,ITOCHU Corp.,Chubu Electric Power Co. Inc.,Shell Energy North America (US) L.P.
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
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