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Summary: Tenaska Alabama II Partners L.P. May 04

Description:
Abstract
The 'BBB-' rating on Tenaska Alabama II Partners L.P.'s $410.5 million senior secured bonds due March 2023 reflects the risks and strengths listed below. The outlook is stable. Tenaska Alabama II is a Delaware limited partnership formed in 2000 to develop, own, and operate an 885-MW, combined-cycle generation facility in Autauga County, Ala. The facility went commercial on May 24, 2003. Under a 20-year energy conversion agreement (ECA), Tenaska Alabama II sells power to Coral Power LLC (the offtaker, unrated) whose parent company, Coral Energy Holding L.P. (A-/Stable/--), fully guarantees payment obligations under the ECA. In turn, Coral Energy Holding's obligations under the primary guarantee are guaranteed by its majority owner Shell Oil Co. (AA+/CW-Neg/A-1+), subject to a limit of...

Companies mentioned in this report are:
- Tenaska Alabama II Partners L.P.
- Mitsubishi Corp.
- Shell Oil Co.
- 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.
 
Companies Mentioned
- Tenaska Alabama II Partners L.P.
- Mitsubishi Corp.
- Shell Oil Co.
- Shell Energy North America (US) L.P.
 
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