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Summary: Tenaska Gateway Partners Ltd. Jun 11
Standard & Poors, June 2011
Abstract
The rating on Tenaska Gateway Partners Ltd.'s (Gateway) $347 million ($292 million or about $346 per kW as of March 31, 2011) 6.052% senior secured bonds due 2023 is 'BBB-'. The outlook is stable. Strengths: The power purchase agreement (PPA) provides contractual capacity payments from what we view as a creditworthy offtaker: Shell Energy North America (US) L.P. (SENA; A-/Stable/NR). Capacity payments fully cover fixed plant costs and debt service. Variable operations and maintenance (O&M), energy, and starts charges are well matched to operating costs. Penalties and bonuses for lower availability are well matched to similar payments under the long-term service agreement (LTSA) with GE International Inc., an affiliate of General Electric Co. (GE; AA+/Stable/A-1+). Debt service coverage is expected...
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.
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.
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