Summary: Tenaska Alabama II Partners L.P. Jun 11
Standard & Poors, June 2011
Abstract
The rating on electricity generator Tenaska Alabama II Partners L.P.'s $410.5 million ($319.867 million or about $351 per KW as of March 31, 2011) senior secured bonds due March 2023 is 'BBB-'. The outlook is stable. Strengths: The project benefits from a strong contractual framework during the life of the bonds, notably from the energy conversion agreement (ECA), with a reputable and creditworthy offtaker, Shell Energy North America (US) L.P. (SENA; A-/Stable/NR), whose financial obligations are fully guaranteed by Shell Oil Co. (AA/Stable/A-1+). The rating on the bonds issued by Tenaska Alabama II Partners L.P. is supported by the ratings on and creditworthiness of SENA and Shell Oil Co. A large share of the project's revenue comes from a fixed...
Companies mentioned in this report are: Tenaska Alabama II Partners L.P.,General Electric Co.,Mitsubishi Corp.,Shell Oil Co.,ITOCHU Corp.,Chubu Electric Power Co. Inc.,Shell Energy North America (US) L.P.,Autauga Cnty,DZ Bank Ireland PLC
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.
Tenaska Alabama II Partners L.P.,General Electric Co.,Mitsubishi Corp.,Shell Oil Co.,ITOCHU Corp.,Chubu Electric Power Co. Inc.,Shell Energy North America (US) L.P.,Autauga Cnty,DZ Bank Ireland PLC
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